Menzies

MARCH 6, 2023

Menzies LLP - A leading chartered accountancy firm. How does stamp duty land tax relief work? The application of the relief provides some attractive tax savings and also has some surprising applications. For specialist advice please do not hesitate to contact Menzies stamp duty tax expert,  Richard Turner  directly.

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Menzies

AUGUST 10, 2023

Menzies LLP - A leading chartered accountancy firm. Who do the new tax relief rules apply to? Whilst it may appear that many costs of a construction project will not qualify for plant and machinery allowances, it is certainly worth investigating as the rules are detailed and may apply to more costs than expected.

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Menzies

OCTOBER 27, 2023

Menzies LLP - A leading chartered accountancy firm. Stamp Duty Land Tax (SDLT) can be a significant expense for property investors and developers in England and Northern Ireland. There may be significant tax savings where dwellings are acquired together with non-residential properties.

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Menzies

DECEMBER 11, 2023

Menzies LLP - A leading chartered accountancy firm. For most residential landlords there was no choice but to put up rent or to absorb the additional tax cost. For more information on how Houses of Multiple Occupancy (HMOs) might qualify you for capital allowances, contact Business Tax Partner Rebecca Wilkinson.

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Menzies

APRIL 18, 2024

Menzies LLP - A leading chartered accountancy firm. The rules exist to ensure that in circumstances where a worker or contractor meets the definition of an employee, that worker pays broadly the same income tax and National Insurance contributions to that of a PAYE employee. What is IR35?

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Menzies

JANUARY 7, 2024

Menzies LLP - A leading chartered accountancy firm. If you find in this time of uncertainty that you are unable to pay your self assessment income tax liability, there is help at hand. How you contact HMRC will depend on how much tax you have to pay (see below). Once you are happy please complete the process.

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Menzies

MAY 7, 2024

Menzies LLP - A leading chartered accountancy firm. The distinction between capital and revenue expenditure for tax purposes can be difficult to make. As always, if you are unsure then we recommend that you consult a tax advisor. Why this is relevant to UK tax?

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Menzies

NOVEMBER 9, 2023

Menzies LLP - A leading chartered accountancy firm. Tax Major tax changes are unlikely. Buy to let After changes to the buy to let interest relief were bought in many landlords have chosen to start limited company so they are paying close attention to the rate of corporation tax.

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Menzies

AUGUST 17, 2023

Menzies LLP - A leading chartered accountancy firm. UK residents disposing of residential property where a chargeable gain arises need to report and pay any Capital Gains Tax (CGT) due within 60 days of completion of the sale. You may need to seek guidance from your accountant or tax advisor on which expenses can be deducted.

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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

MARCH 6, 2023

Menzies LLP - A leading chartered accountancy firm. Find out more about our Property & Construction services. The post Stamp duty land tax (SDLT) on granny flats a annexes was written by Menzies Central Marketing and appeared first on Menzies LLP.

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Menzies

MARCH 1, 2023

Menzies LLP - A leading chartered accountancy firm. GAINING R&D KNOWLEDGE CAN BRING REWARDS FOR YOUR PROPERTY BUSINESS Relatively few surveyors claim research and development (R&D) tax relief, despite the fact that many activities meet the scheme’s eligibility criteria. depending on your tax rate from 1 April 2023).

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Menzies

MARCH 1, 2023

Menzies LLP - A leading chartered accountancy firm. Tax efficient rewards for surveyors and other employees As well as the above considerations, there are still many other ways in which it is possible to reward staff, at least in part, in a tax efficient way.

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Menzies

AUGUST 21, 2023

Menzies LLP - A leading chartered accountancy firm. This relief is temporary and will end on 31 March 2026 but for companies that take advantage of it will enable up to £250 of each £1,000 of capital spend to be recovered against their tax bill and so potentially significant tax savings are available.

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Menzies

FEBRUARY 4, 2023

Menzies LLP - A leading chartered accountancy firm. There are very few tax breaks available for owners of or investors in UK commercial property. The quantum of the tax relief available is dependent on the historic ownership of the property and not necessarily the age of the building. see general rule of thumb % below).

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Menzies

AUGUST 1, 2023

Menzies LLP - A leading chartered accountancy firm. In light of HMRC’s recent investigation into Airbnb hosts and their earnings data, holiday-let property owners must take proactive steps to ensure they comply with tax regulations. Correcting errors In most cases, tax mistakes arise from misunderstanding complex rules.

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Going Concern

NOVEMBER 18, 2022

More than 150 retired EY partners have written to the accounting firm’s leadership objecting to the radical plan to split its consulting and audit businesses. Bam is a chartered accountant and an outstanding South African. US Audit Board Urged to Aid ESG Validation With Updated Rules [ Bloomberg Tax ].

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Menzies

FEBRUARY 8, 2023

Menzies LLP - A leading chartered accountancy firm. The new rules which restrict the amount of interest that can be treated as tax deductible by individual buy-to-let investors has received a lot of media attention over the last few years. The post Property companies – don’t get lumbered with non-tax-deductible finance costs!

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Menzies

MAY 17, 2022

Menzies LLP - A leading chartered accountancy firm. Historical tax incentives also made the market a lucrative option but the tax rules have changed and not for the better. Historical tax incentives also made the market a lucrative option but the tax rules have changed and not for the better.

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Going Concern

FEBRUARY 23, 2024

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default. million in related income that she and her husband had earned from 2012 through 2014.

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PANALITIX

AUGUST 23, 2020

We covered a lot of ground in a recent interview with Panalitix client Michael Burke of Burke Raftery Chartered Accountants. Along the way, he completed a post-graduate degree in behavioral science, not a usual approach for an accountant! Business Advisory in a Post-COVID Environment: An Interview with Michael Burke.

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Menzies

MARCH 1, 2023

Menzies LLP - A leading chartered accountancy firm. This can be particularly challenging in an LLP, as tax is paid by the members on the profits made, but then they may need to leave cash in the business. Dividends are usually preferential to salary from a personal tax perspective (see R&D below).

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Menzies

OCTOBER 5, 2022

Menzies LLP - A leading chartered accountancy firm. Businesses can now plan their expenditure around their available cash flow and still be confident that they will receive this generous tax relief. ANNUAL INVESTMENT ALLOWANCE PERMANENTLY SET AT £1 MILLION.

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Menzies

JUNE 30, 2023

Menzies LLP - A leading chartered accountancy firm. Most business owners have an accountant which they trust and rely on for advice, however sometimes that doesn’t give them the closer support they sometimes need. The ability to constructively challenge the status quo, influence Senior Leadership team.

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Menzies

NOVEMBER 3, 2022

Menzies LLP - A leading chartered accountancy firm. Which accounting standard should you use? When preparing a set of financial statements in the UK there is a choice of accounting standard to apply in order to comply with UK Companies Act 2006. Deferred tax – temporary not timing. Property, plant and equipment.

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Menzies

FEBRUARY 2, 2023

Menzies LLP - A leading chartered accountancy firm. The review should also provide some constructive and robust questioning to ensure that the thinking and overall proposition makes sense and will stand up to subsequent scrutiny.

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Menzies

FEBRUARY 15, 2023

Menzies LLP - A leading chartered accountancy firm. The stamp duty land tax (SDLT) surcharge for overseas buyers of residential property was introduced on the 6th April 2021. The surcharge applies to non-resident individuals, partnerships and companies buying UK residential property, as well as certain trusts.

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Menzies

JUNE 6, 2022

Menzies LLP - A leading chartered accountancy firm. The capital allowances rules set the rates and timing at which capital expenditure can be deducted to arrive at taxable profits in a tax return. net present values, cash-flow benefits or impacts on effective tax rates). Senior Tax Manager. The super-deduction.

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Menzies

MARCH 1, 2023

Menzies LLP - A leading chartered accountancy firm. For LLPs, tax is payable by partners which can sometimes be overlooked by individuals who then draw further funds to cover their liabilities. To alleviate such a potential issue, consider withholding the tax payable rather than leaving individual partners to do it.

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Menzies

MARCH 1, 2023

Menzies LLP - A leading chartered accountancy firm. The LLP and each member must file self-assessment returns annually (see tax below). Tax An LLP is not liable to tax, with partners taxed as individuals. Shareholders wishing to receive a salary will be subject to income tax just as those in an LLP.

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Menzies

OCTOBER 6, 2023

Menzies LLP - A leading chartered accountancy firm. This new allowance enables companies to claim a 100% deduction for tax purposes in the year of spend on particular capital investments. As a result, potentially seeing significant tax savings. Who Is Eligible to Claim the Allowance?

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Menzies

APRIL 28, 2022

Menzies LLP - A leading chartered accountancy firm. Senior Tax Manager. The recent Upper Tribunal (UT) decision in the case of Urenco Chemplants Limited & Anor v HMRC lends support for making capital allowances claims on functional items in the business that might on first analysis appear to be a building/structural item.

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Menzies

NOVEMBER 24, 2022

Menzies LLP - A leading chartered accountancy firm. Notwithstanding items such as the insurers treatment for overseas travel or tax issues, you could be forgiven for thinking that’s broadly it. Let’s face it, whenever we look to buy something the most important thing is price. What else is there to know?

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Menzies

AUGUST 17, 2022

Menzies LLP - A leading chartered accountancy firm. Tax restrictions. The move to this business structure was mainly due to changes to tax that restricted the total tax relief that individual landlords could claim on the financing costs of their residential properties. Incorporating and Taxes.

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Menzies

MARCH 1, 2023

Menzies LLP - A leading chartered accountancy firm. The company pays corporation tax on its taxable profits (25% for companies with profits of £250k or more, from 1 April 2023), with the net profit left in the company’s reserves. The shareholders are then taxed on the distribution of the proceeds.

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Menzies

DECEMBER 6, 2023

Menzies LLP - A leading chartered accountancy firm. For example, legal invoices might show intellectual property assets, that could’ve been leveraged using Patent Box Relief to reduce the client’s corporation tax liability.

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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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