article thumbnail

Major changes to R&D Rules from April 2023

Menzies

Menzies LLP - A leading chartered accountancy firm. The release of the Draft Finance Bill legislation on 20 th July confirmed that the R&D rules are set to see major changes for periods starting from 1 April 2023 , affecting both the RDEC and SME R&D regimes. R&D Tax Senior Manager. What is the ugly news?

article thumbnail

Private Tutors and UK tax

Menzies

Menzies LLP - A leading chartered accountancy firm. Any tutor earning more than £1,000 in a tax year from tutoring is likely going to need to disclose this annually to HMRC on a tax return. The tax calculations can potentially go back up to 20 years depending on the circumstances.

Tax 59
Insiders

Sign Up for our Newsletter

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

article thumbnail

Cryptoasset Reporting 2024: What do cryptoasset investors need to know?

Menzies

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).

article thumbnail

UK tax considerations for E-sports earnings

Menzies

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? This facility exists specifically to help regularise your historic tax affairs.

Sports 59
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. From 8 August 2023. What are the changes to making R&D tax relief claims? What is happening? When is this happening?

Tax 52
article thumbnail

Developments in Transfer Pricing – UK and USA

Menzies

Menzies LLP - A leading chartered accountancy firm. In January 2024, HMRC released a summary of consultation responses on the proposed reform of transfer pricing rules (along with permanent establishment/PE and Diverted Profits Tax/DPT rules). What UK changes can we expect? What USA changes can we expect?

article thumbnail

Developments in Transfer Pricing – UK and USA

Menzies

Menzies LLP - A leading chartered accountancy firm. In January 2024, HMRC released a summary of consultation responses on the proposed reform of transfer pricing rules (along with permanent establishment/PE and Diverted Profits Tax/DPT rules). What UK changes can we expect? What USA changes can we expect?