Frequently Asked Questions
Do I have to use your online forms to enter my income and expenses or can I use my own records?
You can fill out our simple forms with comprehensive financial data, or you can choose to only input the totals of your own expenses. This is really helpful, particularly if you work for yourself or earn money from real estate rentals.
If you would like, you can attach your own summarised data to the forms in the form of a Word document, PDF, or spreadsheet after providing a single total for us to review.We can use these to prepare your tax return and examine them to your greatest advantage.
You are under no obligation to upload paperwork; it is completely up to you.
How can I know for certain, before I enter all my information, that my fee will not be more than £99?
Regardless of where you live, you will receive an instant price after registering and completing the “My Details” form. This quotation will often be the normal £99 inclusive.This will only change if there is a complicated issue with your tax return, including a capital gain (see to the following frequently asked questions), tax treaty claim, or foreign income entry. Even in those situations, the charge is typically only increased by a modest amount (about £25; see the “Fees” menu item).
Any additional fees will be used to pay for the extra assistance and documentation.Upon receiving the quotation, you are under no obligation to proceed, and there is currently no cost to you.
Will there be many forms for me to complete?
The Merin Tax Return procedure simply requires two forms: “My Details,” which is necessary to begin the process, and “Essentials.” It only takes a few minutes to fill out each of these forms.
The financial forms lie in between, and typically just one is needed. There might be extra forms if your situation is a little more difficult, but the Merin Tax Return concept guarantees that you won’t be given any more information or requirements than what your specific situation calls for.
Because of this, we can honestly state that you can only contribute a few minutes of your time.
What is a UTR Number?
In order to file a tax return online, you must always have this ten-digit “Unique Tax Reference.” All other steps, such as tax computation and payment summary, can proceed without this number if you are waiting for one, as it is necessary as an item on our “Essentials” form.
We can provide you instructions on how to apply and send you the relevant link if you don’t have a UTR number. This is completely free of charge.
Please be aware that it may take up to six weeks to obtain this number, so you should apply as soon as you have received our advice on the best course of action for your situation.
Can you prepare and submit a late or previous year tax return?
Yes, we are able to file online up to three tax years prior to the current due tax return as part of our £99 service.
Previous tax returns must be submitted for physical signature and sending to HMRC; they cannot be lodged online.
You can choose the necessary tax year using the drop-down option on the “My Details” form in the customer login. You choose the earliest tax year needed if you have more than one tax return to file.
If I need any help filling in the forms or providing you with the correct information, or indeed if I have any query at all, can I contact you for assistance?
Indeed. You can get in touch with us by safe, authorised email or our internal messaging system. Our knowledgeable support staff is there to help at every stage and promises to respond to any questions you may have right away.
Can I change my return after it has been sent for my approval?
Indeed. You can let us know about any modifications you would like to make, such as adding anything you might have forgotten or removing something that isn’t relevant.After that, we will email you an updated return for your review and approval.You won’t have to pay more for this.
Will you submit my return to HMRC for me?
Yes, we will. We will file your return as soon as we receive your emailed consent in the form of a “electronic signature.”Additionally, we will provide you the HMRC submission confirmation, which legally connects to the tax return through the IR mark.
When do I have to pay your fee?
Tax Return Preparation: After the first draft tax return is finished and sent to your protected Merin Tax Return account for approval and review, our charge is due.
All “Other” Services: Before the service begins, our price must be paid in advance. After the advance fee money is successfully received, Merin Tax Return will start the service.
What are ‘allowable’ expenses?
The costs you incur while operating your business, renting out real estate, and, in certain situations, working under PAYE are known as allowable expenses.Personal or non-business objects are not eligible for claims.
The Meri Tax Return forms give you information about the various categories and offer complete assistance for any in-depth questions you may have about the topic.
What are Capital Allowances?
Capital allowances are tax breaks for expenses incurred when you purchase, develop, or upgrade a business asset that you require to generate profits.
For instance, purchasing a vehicle for your company is a capital expense for which you can be eligible for a capital allowance. We might be able to use AIA (annual investment allowance) to claim the entire cost of the item all at once if it is eligible and was bought within the tax year. The price of purchasing equipment, computers, fixtures, and office furniture are other instances of capital expenditure.
Although Merin Tax Return forms provide help on this, we can offer you advice as we process if there is anything you don’t understand.
If I use my car for business, as well as private use, what expenses can I claim?
Running your car is one of the most frequent costs for self-employed people. Just tally the miles you drive for work and compare it to the total miles you drive during the tax year.This will allow you to calculate the percentage of business use.
For instance, you can claim £5,000 as an expense if your automobile costs £10,000 a year to operate and you use it for business 50% of the time. This approach is typically applied when the vehicle in question has a capital allowance claim.
Is there an alternative way of claiming my business motor expenses?
Indeed, there is. You can deduct this expense from your income in one of two ways.
either by employing HMRC’s fixed rate mileage system or the direct approach as described above. Maintaining precise records of your company travels, both from and back to your centre of operations, is a requirement of the mileage approach.
This is a decision that should be carefully considered, especially if you have a vehicle with high business miles and a fuel-efficient model, which may ultimately make the mileage method more tax-efficient in the long run when compared to a capital allowances plus expenses claim. This is because you cannot use the mileage method once you have claimed capital allowances on a specific vehicle.
Are there any other allowable expenses that I can claim for a vehicle?
Indeed. Additionally, you can claim interest on a loan used to purchase the car, calculated as a proportion of the vehicle’s commercial use. Tolls and commercial parking are also included.
For the cost of the car, you can also be eligible to claim a depreciation allowance (capital allowance, see preceding item). On a declining balance basis, the allowance (written down allowance) is typically 18% of the cost annually.
If purchased within the tax year of the tax return, vans and defined business vehicles may be eligible for AIA (annual investment allowance), which allows the full cost to be claimed in “one hit.”
What is Capital Gains Tax?
The tax due on the gain or profit you realise when you sell or transfer assets is known as capital gains tax.It pertains to your possessions, including stocks, real estate, equipment, etc.
Your capital gains tax bill may be lowered by a tax-free allowance and a few other reliefs.
Gains on some assets are exempt from taxes, and you frequently won’t have to pay any, especially if you sell your primary private residence. The disposition of UK land and property must now be reported by non-residents as well.
If you believe you have made a capital gain during the relevant tax year, select this case on the “My Details” form. Our support team will go over the specifics with you and advise you on what information to provide because this may be a rather complicated subject.