article thumbnail

CAPITAL GAINS TAX ON RESIDENTIAL PROPERTY: 30 DAY REPORTING

Menzies

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. The tax return is due for filing by the 31st January following the end of the tax year.

Tax 52
article thumbnail

Rental Income

Menzies

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. The income will be taxed at your marginal rate.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

UK Transfer Pricing Documentation Changes Ahead

Menzies

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.

article thumbnail

New rules for the submission of R&D tax relief claims

Menzies

Menzies LLP - A leading chartered accountancy firm. HMRC have introduced new rules for the submission of R&D tax relief claims. 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.

Tax 52
article thumbnail

Is it time for a rethink of the capital allowances system?

Menzies

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. Increasing main pool and special rate allowances from 18% and 6% to (for example) 20% and 8%.

article thumbnail

Self Employment

Menzies

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. In this scenario, only the proportion relating to the business use can be claimed as an allowable expense.

article thumbnail

Tax Considerations For Office Refurbishments

Menzies

Menzies LLP - A leading chartered accountancy firm. But they might be unaware that most of the cost of the refurbishment may be eligible for tax relief under the capital allowances regime. What’s in the Main pool? Claims made after this will have a greatly decreased return.

Tax 52