Menzies

MARCH 1, 2023

Menzies LLP - A leading chartered accountancy firm. All profits are subject to income tax during the financial year, regardless of whether a member takes their profit or leaves it within the business. A limited company is more tax efficient if you make more profit than you need to take out of the business.

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Menzies

JULY 26, 2023

Menzies LLP - A leading chartered accountancy firm. April 2024 will see tax changes affecting cryptoasset reporting to HMRC come into effect. The changes will specifically focus on creating a dedicated section within HRMC’s self-assessment tax return form for cryptoasset capital gains tax (CGT).

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Menzies

OCTOBER 27, 2023

Menzies LLP - A leading chartered accountancy firm. If you earn Esports income from activities such as streaming, sponsorship, or tournament winnings, did you know you may need to declare this to HMRC and you may have tax to pay?

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Going Concern

JANUARY 5, 2024

Big 4 Big Four Reshape Consulting Workforce, Strategy With Rare Layoffs [ Bloomberg Tax ] The Big Four accounting firms have leaned into their tech advisory work and data analytics services—areas ripe for revenue growth—as interest rates and the artificial intelligence boom reshaped demand for consulting services.

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Going Concern

FEBRUARY 23, 2024

FORVIS Nonprofit Study Reveals Strong Demand for Services Alongside Ongoing Workforce Shortages, Inflation [ Business Wire ] FORVIS published its annual national nonprofit study on February 22, revealing that 71% of nonprofits had increased demands for their programs and services in 2023, resulting in waitlist increases and delays.

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Menzies

OCTOBER 4, 2022

Menzies LLP - A leading chartered accountancy firm. The basis period reform will not affect businesses with accounting year ends to 5 April or 31 March. HMRC are not yet sure what the following year adjustment will look like, but it is most likely that there will be an additional entry on the tax return.

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Menzies

JULY 27, 2023

Menzies LLP - A leading chartered accountancy firm. The detail of the changes are below: The Annual Allowance (AA) will increase from £40,000 to £60,000 from April 2023. When pension contributions in a year exceed the individual’s AA, the excess is taxed at the individual’s marginal rate of income tax.

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Menzies

JUNE 6, 2023

Menzies LLP - A leading chartered accountancy firm. The penalties referenced in this article are those which apply as of May 2023, often referred to by advisors and HMRC as the “new” penalties, because they were gradually introduced between 2007 to 2009.

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Menzies

MAY 19, 2023

Menzies LLP - A leading chartered accountancy firm. The UK tax system is designed in such way as to provide the taxpayer with important safeguards. To balance HMRC’s power to raise an assessment with protecting the taxpayer, specific time limits are imposed on HMRC to raise an assessment for a loss of tax.

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Menzies

NOVEMBER 30, 2022

Menzies LLP - A leading chartered accountancy firm. From April the annual exemption amount for capital gains tax will fall from £12,300 to £6,000 2023, before dropping again to £3,000 from April 2024. This change will affect both middle earners, and those with a higher income.

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Menzies

NOVEMBER 2, 2022

Menzies LLP - A leading chartered accountancy firm. Research and Development (R&D) tax relief is intended to promote and reward scientific and technological innovation in the UK. The best way to do this is to ensure the R&D tax relief scheme is fit for purpose and genuinely encouraging innovation in the UK.

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Menzies

AUGUST 1, 2023

Menzies LLP - A leading chartered accountancy firm. A fundamental question for most corporate owner managers is how to most efficiently extract profits from their company, especially in light of the frequently changing rules and tax rates / thresholds.

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