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In the Spring Budget, the Chancellor extended the fuel duty cut for a further 12 months to help support households and b...
12/03/2024

In the Spring Budget, the Chancellor extended the fuel duty cut for a further 12 months to help support households and businesses at a time of high oil prices. The Chancellor acknowledged that the rising price of fuel places a huge burden on families and businesses.

March 7, 2024 Posted by: mardenco Category: Duties No Comments In the Spring Budget, the Chancellor extended the fuel duty cut for a further 12 months to help support households and businesses at a time of high oil prices. The Chancellor acknowledged that the rising price of fuel places a huge burd...

The taxable turnover threshold that determines whether businesses should be registered for VAT will increase from £85,00...
12/03/2024

The taxable turnover threshold that determines whether businesses should be registered for VAT will increase from £85,000 to £90,000 from 1 April 2024. The taxable turnover threshold that determines whether businesses can apply for deregistration will be increased from £83,000 to £88,000 on the same date. It had been previously announced that the rates would be frozen until 31 March 2026. However, the Chancellor’s announcement makes the first change in 7 years to the rates and has been designed to help SMEs.

March 7, 2024 Posted by: mardenco Category: Value Added Tax No Comments The taxable turnover threshold that determines whether businesses should be registered for VAT will increase from £85,000 to £90,000 from 1 April 2024. The taxable turnover threshold that determines whether businesses can ap...

In a move that may partly have been prompted by seeking to mirror a longstanding policy of the Labour party, the Chancel...
11/03/2024

In a move that may partly have been prompted by seeking to mirror a longstanding policy of the Labour party, the Chancellor has announced that the generous non-dom rules are to be axed.

March 7, 2024 Posted by: mardenco Category: Income Tax No Comments In a move that may partly have been prompted by seeking to mirror a longstanding policy of the Labour party, the Chancellor has announced that the generous non-dom rules are to be axed. From April 2025, the government plans to abolis...

As had been widely expected, the Chancellor announced further changes to National Insurance contributions (NIC) rates fo...
11/03/2024

As had been widely expected, the Chancellor announced further changes to National Insurance contributions (NIC) rates for employees and the self-employed.

March 7, 2024 Posted by: mardenco Category: National Insurance No Comments As had been widely expected, the Chancellor announced further changes to National Insurance contributions (NIC) rates for employees and the self-employed. There will be a further 2% cut in the main rate of Employee National ...

It is not unusual for taxpayers to find themselves in a position where they disagree with a tax decision issued by HMRC....
08/03/2024

It is not unusual for taxpayers to find themselves in a position where they disagree with a tax decision issued by HMRC. There are a number of different options open to taxpayers seeking to use the review and appeals process.

February 29, 2024 Posted by: mardenco Category: General No Comments It is not unusual for taxpayers to find themselves in a position where they disagree with a tax decision issued by HMRC. There are a number of different options open to taxpayers seeking to use the review and appeals process. Note,....

If a company has stopped trading and has no other income, then the company is usually classed as dormant for Corporation...
07/03/2024

If a company has stopped trading and has no other income, then the company is usually classed as dormant for Corporation Tax purposes.

February 29, 2024 Posted by: mardenco Category: Corporate Governance & Regulation No Comments If a company has stopped trading and has no other income, then the company is usually classed as dormant for Corporation Tax purposes.  A company is usually dormant for Corporation Tax if it: has stopped t...

The Construction Industry Scheme (CIS) is a set of special rules for tax and National Insurance for those working in the...
06/03/2024

The Construction Industry Scheme (CIS) is a set of special rules for tax and National Insurance for those working in the construction industry. Businesses in the construction industry are known as 'contractors' and 'subcontractors' and should be aware of the tax implications of the scheme.

February 29, 2024 Posted by: mardenco Category: Construction Industry Scheme No Comments The Construction Industry Scheme (CIS) is a set of special rules for tax and National Insurance for those working in the construction industry. Businesses in the construction industry are known as 'contractors'....

Companies House has announced that some of their fees will be changing from 1 May 2024. The last change in fees was Apri...
05/03/2024

Companies House has announced that some of their fees will be changing from 1 May 2024. The last change in fees was April 2016.

February 29, 2024 Posted by: mardenco Category: Corporate Governance & Regulation No Comments Companies House has announced that some of their fees will be changing from 1 May 2024. The last change in fees was April 2016.  The fees have been calculated on a ‘cost recovery’ basis meaning that th...

The furnished holiday let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as...
04/03/2024

The furnished holiday let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a trade for tax purposes.

February 29, 2024 Posted by: mardenco Category: HMRC notices No Comments The furnished holiday let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a trade for tax purposes. In order to qualify as a furnished holiday letting, the following criteria need....

HMRC had published an update, on 12 February 2024, on the tax status of Double Cab Pick Ups (DCPUs), following a 2020 Co...
04/03/2024

HMRC had published an update, on 12 February 2024, on the tax status of Double Cab Pick Ups (DCPUs), following a 2020 Court of Appeal judgment. The update announced that effective from 1 July 2024, DCPUs with a payload of one tonne or more would be treated as cars rather than goods vehicles for both capital allowances and benefit-in-kind purposes.

February 29, 2024 Posted by: mardenco Category: Business No Comments HMRC had published an update, on 12 February 2024, on the tax status of Double Cab Pick Ups (DCPUs), following a 2020 Court of Appeal judgment. The update announced that effective from 1 July 2024, DCPUs with a payload of one ton...

Business Asset Disposal Relief (BADR) applies to the sale of a business, shares in a trading company or an individual’s ...
01/03/2024

Business Asset Disposal Relief (BADR) applies to the sale of a business, shares in a trading company or an individual’s interest in a trading partnership. Where this relief is available sellers can benefit from a 10% tax charge on exit from their business if BADR is available. When the relief is available Capital Gains Tax (CGT) of 10% is payable in place of the standard rate.

February 22, 2024 Posted by: mardenco Category: Capital Gains Tax No Comments Business Asset Disposal Relief (BADR) applies to the sale of a business, shares in a trading company or an individual’s interest in a trading partnership. Where this relief is available sellers can benefit from a 10% tax...

A limited company is a company ‘limited by shares’ or ‘limited by guarantee’.
29/02/2024

A limited company is a company ‘limited by shares’ or ‘limited by guarantee’.

February 22, 2024 Posted by: mardenco Category: Corporate Governance & Regulation No Comments A limited company is a company ‘limited by shares’ or ‘limited by guarantee’. Limited by shares This is the most common limited company structure. A limited by shares company is a separate legal ent...

Self-employed taxpayers should notify HMRC as soon as practicable when they begin working for themselves. HMRC must be o...
28/02/2024

Self-employed taxpayers should notify HMRC as soon as practicable when they begin working for themselves. HMRC must be officially notified by 5 October following the end of the tax year so that a self-assessment return can be issued on time and to avoid any unnecessary penalties.

February 22, 2024 Posted by: mardenco Category: General No Comments Self-employed taxpayers should notify HMRC as soon as practicable when they begin working for themselves. HMRC must be officially notified by 5 October following the end of the tax year so that a self-assessment return can be issued...

The Cost of Living support package has been designed to help over 8 million households in receipt of means tested benefi...
27/02/2024

The Cost of Living support package has been designed to help over 8 million households in receipt of means tested benefits. The details of Cost of Living Payments due in the 2023-24 tax year were published in 2023 and have recently been updated with details of the final payment.

February 22, 2024 Posted by: mardenco Category: Personal No Comments The Cost of Living support package has been designed to help over 8 million households in receipt of means tested benefits. The details of Cost of Living Payments due in the 2023-24 tax year were published in 2023 and have recent...

In general, there is no Capital Gains Tax (CGT) on a property which has been used as the family's main residence. This r...
26/02/2024

In general, there is no Capital Gains Tax (CGT) on a property which has been used as the family's main residence. This relief from CGT is commonly known as Private Residence Relief or PRR. However, where part of the home has been let out the entitlement to relief may be affected. Homeowners that let out part of their house may not benefit from the full PRR but can benefit from letting relief. Since April 2020, letting relief has been restricted to homeowners who live in their property and partly rent it out.

February 22, 2024 Posted by: mardenco Category: Capital Gains Tax No Comments In general, there is no Capital Gains Tax (CGT) on a property which has been used as the family's main residence. This relief from CGT is commonly known as Private Residence Relief or PRR. However, where part of the home ...

HMRC continues to warn of the ever-present problem of fraudulent phishing emails, suspicious phone calls and texts. Thes...
26/02/2024

HMRC continues to warn of the ever-present problem of fraudulent phishing emails, suspicious phone calls and texts. These unwanted emails, phone calls and texts are being sent from around the world as HMRC and other agencies continue to combat the problem.

February 22, 2024 Posted by: mardenco Category: General No Comments HMRC continues to warn of the ever-present problem of fraudulent phishing emails, suspicious phone calls and texts. These unwanted emails, phone calls and texts are being sent from around the world as HMRC and other agencies continu...

Class 1A NICs are paid by employers in respect of most benefits in kind provided to employees such as a company car. Cla...
23/02/2024

Class 1A NICs are paid by employers in respect of most benefits in kind provided to employees such as a company car. Class 1A NICs are also due on charge on termination awards above a £30,000 threshold that have not already been subjected to Class 1 NICs deductions. There’s no employee contribution payable for Class 1A NICs.

February 15, 2024 Posted by: mardenco Category: National Insurance No Comments Class 1A NICs are paid by employers in respect of most benefits in kind provided to employees such as a company car. Class 1A NICs are also due on charge on termination awards above a £30,000 threshold that have not alre...

Private pensions can be an efficient way to pass on wealth, but it is important to consider what, if any, tax will be pa...
22/02/2024

Private pensions can be an efficient way to pass on wealth, but it is important to consider what, if any, tax will be payable on a private pension you inherit. The person who died will usually have nominated you by telling their pension provider that you should inherit any monies left in their pension pot. If the nominated person can’t be found or has since died, the pension provider may make payments to someone else instead.

February 15, 2024 Posted by: mardenco Category: Pension No Comments Private pensions can be an efficient way to pass on wealth, but it is important to consider what, if any, tax will be payable on a private pension you inherit. The person who died will usually have nominated you by telling their pen...

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