Menzies

JANUARY 18, 2024

When do I need to pay my corporation tax? Unless you are making high profits, most UK businesses pay their corporation tax 9 months and 1 day after their year-end. As well as factoring in when you have the cashflow to pay your tax, you should also consider when you make your profits.

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Menzies

MARCH 15, 2024

It directly aligns the objectives of the main shareholders with the employees, to grow the value of the business. The popularity of this scheme reflects its tax efficiency and the flexibility in how it can be structured. However, incentivisation by equity reward can act as a perfect retention tool for a number of reasons.

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Menzies

OCTOBER 6, 2023

For example, consider a company that has a corporation tax liability of £1 million for the 12-month period ending on 31 March 2024. The Full Expensing first year allowance will effectively reduce the company’s corporation tax liability by £250,000. Who Is Eligible to Claim the Allowance?

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ThomsonReuters

JUNE 28, 2022

Corporate tax teams that want to invest in an automated indirect tax solution can’t simply declare to decision-makers that efficiencies, cost savings, and a host of other benefits will magically start boosting the bottom line once the software is activated. what the return on technology investment (ROI) is going to be.

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Menzies

OCTOBER 21, 2022

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. These items will also qualify for the 100% AIA up to the annual limit of £1 million limit and 6% afterwards.

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Menzies

AUGUST 8, 2023

What are the changes to making R&D tax relief claims? Companies submitting R&D claims will now have to complete an online submission, in addition to the disclosure included in the corporation tax return and associated computations. What was the baseline level of science or technology that the company planned to advance?

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Menzies

JANUARY 29, 2024

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. However, the importance of cash should not be underestimated, and business owners need to focus on understanding and managing the cashflow of their business.

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Menzies

MARCH 1, 2023

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. The main reason is a lack of awareness. depending on your tax rate from 1 April 2023).

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Going Concern

APRIL 12, 2024

billion won in corporate taxes, but its management team recorded the amount as a receivable in its financial statements. Blattman said his main concern now is getting the paperwork he dropped off at the start so that he can try to get it to another tax preparer, though he doubts he can find someone to get to it in time.

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Wellers Accounting

MARCH 15, 2023

Tom Biggs ACA CTA , summarises Chancellor, Jeremy Hunt's main tax and spending announcements in the Spring Budget.

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Inform Accounting

MARCH 21, 2023

In this blog we set out some of the main tax rates. INCOME TAX The personal allowance and basic rate band threshold are now frozen in place until 5 April 2028. As earnings increase, individuals will move into higher tax bands. These allowances are in addition to the personal allowance and attract a 0% rate of income tax.

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CPA Practice

SEPTEMBER 18, 2023

He began his career at Lybrand, Ross Brothers & Montgomery (which eventually became Coopers & Lybrand and now is Big Four firm PwC), before becoming national tax director at Main Lafrentz & Co. His book on the 1969 Tax Reform Act sold 50,000 copies.

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Menzies

AUGUST 21, 2023

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? hotel, care homes, factory / warehouse) What Expenditure Qualifies for Full Expensing?

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ThomsonReuters

MARCH 28, 2023

Compliance may not be the most glamorous task facing indirect tax (IDT) teams, but the rapid pace of change in global regulations and reporting requirements is turning the humble compliance function into a rapid-fire gauntlet of continuous challenges.

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Menzies

FEBRUARY 27, 2023

COP9 is relevant where HMRC either suspect, or the individual chooses to voluntarily disclose, that their deliberate action or inaction has led to an insufficient amount of tax being paid. How does the digital disclosure service work? When can the digital disclosure service be used?

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ThomsonReuters

NOVEMBER 30, 2020

Schwieterman says the level to which you can optimize your tax function really comes down to how your tax & finance departments adapt to four main factors: changing talent needs; data and technology; legislative and regulatory changes; and budget constraints. Evolving talent requirements. Changing rules.

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Inform Accounting

SEPTEMBER 20, 2022

During the run-up to the leadership election, the new Prime Minister promised tax cuts to stimulate economic growth, including the abolition of the 1.25% Health and Social Care Levy and cuts in corporation tax and income tax. It will be interesting to find out if and when those tax changes take effect.

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Menzies

MAY 19, 2023

Once the relevant time limit has elapsed and HMRC are out of time to raise an assessment, the taxpayer then enjoys some finality in their tax affairs. Unfortunately as with many aspects of the UK tax system, the answer to this question is not straightforward. Different rules may apply to other heads of tax.

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PYMNTS

JULY 31, 2019

The main goal is to fight fiscal evasion through healthy legislation, technology and information [in] real time for every transaction, product or receipt,” said Finance Minister Anila Denaj. Corporate tax in the country is set at a flat rate of 15 percent. However, many businesses in the country do not follow that practice.

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PYMNTS

OCTOBER 31, 2019

Yes Bank is a private-sector bank that mainly operates as a corporate bank, but it also does asset management and retail banking. The Bombay Stock Exchange’s Sensex index also saw record highs, with a rally of more than 40,300 points due to a corporate tax cut and other business-boosting reforms. On Thursday (Oct.

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Menzies

AUGUST 17, 2022

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.

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PYMNTS

APRIL 10, 2019

Last month, France’s finance minister announced the 3 percent tax, which targets digital businesses with €750 million ($845 million USD) in global revenue and €25 million in domestic revenue. The tax will apply to about 30 major companies, mainly from the U.S., and is expected to help France generate $565 million each year.

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ThomsonReuters

DECEMBER 20, 2020

Wayfair on your business’s sales tax obligations. Many large companies are already registered and collecting sales tax in every state, so the effect of these changing policies is mainly on the procurement side. Companies also need to ensure that they can support these tax collection and reporting decisions potentially years later.

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inDinero Tax Tips

APRIL 11, 2023

And there’s no state corporate income tax on goods and services provided by Delaware corporations that operate outside of the state. Delaware holding companies benefit from no corporate tax on interest and other investments. The state also doesn’t impose personal property tax.

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ThomsonReuters

AUGUST 16, 2022

For corporate tax departments, making the tax technology pitch for an automated solution is a relatively simple one. 1—It will save money by: reducing tax errors and over-payments. errors and violations associated with out-of-date tax rates and codes. making the department’s overall operations more efficient.

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LyfeAccounting

JANUARY 30, 2021

We recommend that by March 1, 2021, you have everything in place to actually file your taxes. The main thing you need to have is your bookkeeping done. But for now, we would recommend you have this done by March 1st, so your tax preparer has enough time to file your business taxes. Taxes and licensing fees.

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ThomsonReuters

NOVEMBER 30, 2020

Schwieterman says the level to which you can optimize your tax function really comes down to how your tax & finance departments adapt to four main factors: changing talent needs; data and technology; legislative and regulatory changes; and budget constraints. Evolving talent requirements. Changing rules.

Finance 52

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PYMNTS

DECEMBER 16, 2016

Exports from Belarus’s main IT hub totaled $705.6 Many global corporations are consumers of software development in Belarus, including Mitsubishi, British Petroleum, Reuters, British Telecom, London Stock Exchange, World Bank and Coca-Cola. The nation is known for its well-educated population and low labor costs. million in 2015.

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SkagitCountyTaxServices

AUGUST 26, 2021

But opposing sources argue that this doesn’t take into account the many small C corporations that could possibly be affected by the proposed corporate tax rate increase. In fact, according to the Tax Foundation “more than half of the pass-through business income could face tax increases.”.

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ThomsonReuters

SEPTEMBER 8, 2023

Jump to: What are the main types of business ownership? What is a C corporation? What is an S corporation? What are the main types of business ownership? New companies can be set up in five different structures: Partnership, Limited Liability Company (LLC), Sole Proprietorship, S Corporation or C Corporation.

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Menzies

MARCH 6, 2023

Article curated by Assistant Manager Conor McManus The next budget will be Spring and we expect the Chancellor to; raise Corporation Tax rates to a headline rate of 25%, reduce the Capital Gains Tax annual exemption amount from £12,300 to £6,000 , and reduce the dividend allowance from £2,000 to £1,000.

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CPA Practice

JANUARY 15, 2024

He was also charged with five counts of aggravated identity theft based on accusations that he forged the signatures of others on a bank letter, a lease agreement and three corporate tax documents while applying for the loans between April 2020 and March 2021.

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ThomsonReuters

DECEMBER 1, 2021

Indirect tax professionals actively involved in strategic decision-making reported they were able to take on this role because most or all regulatory tax compliance processes had been automated , freeing up time for various types of strategic analysis. Entering a new era: The future of corporate tax management.

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Ronika Khanna CPA,CA

JANUARY 13, 2023

For those of you who are starting a new business, it is essential to know your tax obligations. Every business owner must report their net profits on a either their personal tax return if they are unincorporated or a corporation tax return if they are incorporated. There are three main classifications of GST/HST.

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Ronika Khanna CPA,CA

SEPTEMBER 28, 2021

Note that there are no fees to sign up for GST/QST, deductions at source or corporate taxes. Similarly, if you intend to hire employees you must register for deductions at source using the same form. You will then have the same rights and obligations as an enterprise that is legally bound to register.

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ThomsonReuters

SEPTEMBER 22, 2021

Tax compliance — and the reporting involved in maintaining that compliance — is one of the most stressful tasks a corporate tax team must complete. It should give teams complete control over company tax reporting, allowing them find the right level of data quickly. What is a tax data warehouse?

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ThomsonReuters

APRIL 8, 2024

Given these findings, it is no surprise that staying on top of tax regulations and legislation, as well as risk identification and mitigation , ranked as among the top priorities for both tax firms and corporate tax departments.

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