Menzies

SEPTEMBER 30, 2024

Menzies LLP - A leading chartered accountancy firm.

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SEPTEMBER 6, 2024

Menzies LLP - A leading chartered accountancy firm. Accounting systems The COFA should review, on an annual basis, the accounting systems for compliance and ensure they are appropriate, up to date, documented and available to all members of the team. Consider booking yourself on a training course.

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Menzies

JULY 29, 2024

Menzies LLP - A leading chartered accountancy firm. To help, we have prepared a summary of the various vehicles that can be used, and their main features. Accounts will be similar to those for normal limited companies. This makes it difficult to know which is the most appropriate structure to use.

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Menzies

SEPTEMBER 19, 2024

Menzies LLP - A leading chartered accountancy firm. The Hospitality & Leisure industry accounts for around 10% of the UK’s overall energy consumption and creates carbon emissions of around 8 million tonnes per year.

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Menzies

DECEMBER 6, 2023

Menzies LLP - A leading chartered accountancy firm. This means that these entities can provide less information in their financial statements, while still complying with accounting standards. Additionally, they must disclose the name of the parent company who is preparing the consolidated accounts that include the subsidiary.

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Menzies

AUGUST 21, 2024

Menzies LLP - A leading chartered accountancy firm. Skilled workforce One of the main factors that make the UK an attractive location for manufacturing is its skilled workforce. The United Kingdom has long been a hub for manufacturing, with a rich history of industry and innovation.

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Menzies

OCTOBER 30, 2024

Menzies LLP - A leading chartered accountancy firm. Main Initiatives Manufacturers operating in the following areas of specialism could stand to gain from specific initiatives: Committing £975 million in R&D funding for the aerospace sector over five years. A key theme of today’s budget was “Invest, Invest, Invest!”

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Menzies

JULY 26, 2023

Menzies LLP - A leading chartered accountancy firm. If you use Xero for your bookkeeping and accounts, you may have noticed at the top of the report pages a note stating that “It’s time to change to the new version of this report”. you won’t be able to access this for your July reporting onwards.

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Menzies

MARCH 6, 2024

Menzies LLP - A leading chartered accountancy firm. Whilst he has not reduced the main rates of CGT, the higher rate of residential property CGT is reducing from 28% to 24%. This is to incentivise SMEs to grow their businesses but has the Chancellor gone far enough with just a £5k increase?

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Menzies

AUGUST 8, 2023

Menzies LLP - A leading chartered accountancy firm. This is with reference to the date the claim is filed, not the accounting period date, so any claims filed from 8 August 2023 onwards will need to comply with these new rules. What is happening? HMRC have introduced new rules for the submission of R&D tax relief claims.

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Menzies

NOVEMBER 24, 2023

Menzies LLP - A leading chartered accountancy firm. The Chancellor, Jeremy Hunt, has delivered his Autumn Statement to Parliament earlier, which includes 110 measures for growth across the board.

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Menzies

SEPTEMBER 25, 2024

Menzies LLP - A leading chartered accountancy firm. The main risk posed by volatility is that of invested capital being drawn (sold) at a loss. Of course, the main driver of market volatility is collective investor sentiment. Risk comes from not knowing what you’re doing.” But what is meant by risk?

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Menzies

JUNE 6, 2022

Menzies LLP - A leading chartered accountancy firm. Increasing main pool and special rate allowances from 18% and 6% to (for example) 20% and 8%. Introducing a first-year allowance for main pool and special rate pool of (for example) 40% and 13%.

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Menzies

JANUARY 29, 2024

Menzies LLP - A leading chartered accountancy firm. Cashflow is critical The main purpose of a business is generally the pursuit of profit, with business owners focusing on levels of turnover and profit and how these can be maximised. As sales dip after the festive season, maintaining cash flow becomes crucial.

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Menzies

AUGUST 12, 2022

Menzies LLP - A leading chartered accountancy firm. The measures will apply for accounting periods commencing on or after 1 April 2023. The UK Government has tabled draft legislation setting out new transfer pricing documentation requirements that will affect the largest UK businesses. Uncertainty for UK businesses.

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Menzies

FEBRUARY 11, 2023

Menzies LLP - A leading chartered accountancy firm. Following an introduction to Caroline Milton, Menzies International Manufacturing specialist, PT Plastics outlined their objectives and the challenges they believed they may face by expanding into the UK market with the main issue surrounding the financing of their projected growth.

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Menzies

JULY 14, 2023

Menzies LLP - A leading chartered accountancy firm. Two of the main knowledge sharing initiatives which HMRC has been an active participant in over recent years includes the OECD led Common Reporting Standard (CRS) and J5.

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Menzies

FEBRUARY 22, 2023

Menzies LLP - A leading chartered accountancy firm. Users need to refer to the Bulletin as well as the SORP to understand accounting practice in the areas affected. A charity can instead choose to measure such properties at cost less depreciation (and impairment) as it was before FRS102 and as it will be in group accounts.

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Menzies

OCTOBER 17, 2024

Menzies LLP - A leading chartered accountancy firm. The main benefit of a pre-pack is that, by prioritising the confidentiality of the company’s financial difficulties, the business is able to preserve its brand and goodwill during an accelerated marketing process and be sold as a going concern. What is an administration?

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Menzies

AUGUST 17, 2023

Menzies LLP - A leading chartered accountancy firm. Principal private residence relief Generally speaking, where a property is your main residence throughout the whole period of ownership any gain made will be exempt due to principal private residence relief.

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Menzies

MAY 11, 2023

Menzies LLP - A leading chartered accountancy firm. One of the main aspects you need to think about when becoming Self Employed is the tax position and ensuring that you meet the tax reporting requirements.

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Menzies

JANUARY 18, 2024

Menzies LLP - A leading chartered accountancy firm. When it comes to accounting year ends, most UK companies tend to fall into one of three categories. Whilst an annual set of accounts will show 12 months of trade, a balance sheet is a snapshot at a point in time. What time of year do I make the most profit?

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Menzies

JANUARY 7, 2024

Menzies LLP - A leading chartered accountancy firm. There are two main aims of the UK AIFMD: prevent market instability and build-up of systemic risk in the financial system. We provide audit, accounts preparation and corporate finance services to help our clients with compliance and operational efficiencies.

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Menzies

MARCH 22, 2024

Menzies LLP - A leading chartered accountancy firm. This new law which is expected to come into force in September 2024 gives workers the right to request more predictable hours, not a right to have them changed. It would not however apply to someone working on a fixed ongoing shift pattern as this is predictable.

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Menzies

DECEMBER 7, 2022

Menzies LLP - A leading chartered accountancy firm. This article is a brief explainer of Loan-based crowdfunding firms and when they are covered by CASS 7. Essentially, CASS 7.10.7A notes that Loan-based crowdfunding firms that operate an electronic system in relation to P2P agreements are required to apply CASS 7. P2P = Peer-to-Peer.

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Menzies

OCTOBER 21, 2022

Menzies LLP - A leading chartered accountancy firm. What’s in the Main pool? Main pool capital allowances offer tax relief for items that are moveable or classed as ‘plant and machinery’ including furniture, computers, and televisions. Claims made after this will have a greatly decreased return.

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Menzies

JANUARY 5, 2024

Menzies LLP - A leading chartered accountancy firm. Depending on the circumstances this may defer the tax relief available into the next accounting period. Grants It’s also worth checking whether any grants are available to fund the purchase of equipment. Grant Finder updates on a regular basis for other grants available.

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Menzies

JANUARY 18, 2023

Menzies LLP - A leading chartered accountancy firm. Though there are 13 main sections to the sourcebook , we will summarise three of the CASS rules here, the ones that are most likely to have an impact on the procedures of the business. b) Segregation of client money in client bank accounts. What are we talking about?

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Menzies

MAY 11, 2023

Menzies LLP - A leading chartered accountancy firm. One of the main aspects you need to think about when becoming a landlord is the tax position and ensuring that you meet the tax reporting requirements.

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Menzies

AUGUST 21, 2023

Menzies LLP - A leading chartered accountancy firm. With the main rate of corporation tax now at 25%, companies will need to ensure they are maximising tax reliefs available to reduce the impact of this increase in rate. Who Will be Eligible to Claim the Allowance?

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Menzies

MARCH 22, 2023

Menzies LLP - A leading chartered accountancy firm. Depending on the circumstances this may defer the tax relief available into the next accounting period.

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Menzies

APRIL 28, 2022

Menzies LLP - A leading chartered accountancy firm. The UT concluded that these tests had been established too narrowly and that more weight should have been applied to the main function of the asset rather than just its appearance.

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Menzies

OCTOBER 30, 2024

Menzies LLP - A leading chartered accountancy firm. The government published its much-anticipated Employment Rights Bill on 10 October, to meet its promise to bring this in within its first 100 days in power. What’s planned? Fire and rehire will cease to exist.

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Menzies

MARCH 7, 2024

Menzies LLP - A leading chartered accountancy firm. There are three main areas that impact on the level of sales achieved by retailers: Their products Their people and The method in which sales are made. Labour costs can account for 15% of revenue, the largest cost after purchases, getting the staff levels wrong can be costly.

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Menzies

MAY 19, 2023

Menzies LLP - A leading chartered accountancy firm. Take advantage of long-term and short-term planning techniques One of the main ways that business owners can construct a more durable business structure and enhance its agility is by taking advantage of both long-term and short-term planning techniques.

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Menzies

APRIL 5, 2023

Menzies LLP - A leading chartered accountancy firm. As we settle into the first quarter of 2023 businesses are feeling the pressure, and some owner managers may have to face a cashflow crisis.

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Menzies

DECEMBER 19, 2023

Menzies LLP - A leading chartered accountancy firm. One of the main reasons for this lack of detailed analysis often comes down to the purpose of SME record keeping; primarily to ensure compliance with tax and statutory obligations.

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