Menzies

FEBRUARY 6, 2023

Menzies LLP - A leading chartered accountancy firm. HMRC have recently changed their policy on acknowledging Option to Tax notifications. This could be useful if a taxpayer did not recall whether they had opted to tax or not. This could be useful if a taxpayer did not recall whether they had opted to tax or not.

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Menzies

AUGUST 8, 2023

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? Which tax relief you’re claiming for and the amount? What is happening? When is this happening?

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Menzies

DECEMBER 1, 2022

Menzies LLP - A leading chartered accountancy firm. From 1 April 2023, the corporation tax rate will be increasing from 19% to 25% for companies with taxable profits over £250,000. Companies with taxable profits of less than £50,000 will continue to pay tax at 19%. Should you shorten your accounting period?

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Menzies

JUNE 8, 2023

Menzies LLP - A leading chartered accountancy firm. Rate From 1 April 2023 the PPT rate has increased to £210.82 Government Consultations A technical consultation recently took place in May 2023 to consult on draft regulations which amend how a business claims a Plastic Packaging Tax credit in certain circumstances.

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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? If you receive any prize money from outside the UK, tax may be withheld on these earnings.

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Menzies

NOVEMBER 11, 2022

Menzies LLP - A leading chartered accountancy firm. For VAT return periods starting after 1 January 2023, there will be a new penalty regime for the late filing and payment of returns, and also the calculation of interest. If you get to 31 days and there is still unpaid tax you pay at 4% per annum, calculated on a daily basis.

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Menzies

MARCH 22, 2023

Menzies LLP - A leading chartered accountancy firm. These come in from 1 April 2023 and run until 31 March 2026 and can be used in conjunction with the AIA. Depending on the circumstances this may defer the tax relief available into the next accounting period. Contact us below to discuss.

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Menzies

MARCH 6, 2024

Menzies LLP - A leading chartered accountancy firm. TAX INCENTIVES Whilst the further reduction to Employees NIC is part of a wider strategy to encourage people back to work will be welcomed by individuals, it wont change the costs for business owners. In fact, with national minimum wage jumping up 9.8%

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Menzies

JUNE 6, 2023

Menzies LLP - A leading chartered accountancy firm. To dissuade taxpayers from all forms of non-compliance, the UK tax code contains many other types of penalties that apply in alternative scenarios. If the return is still outstanding after 6 months then HMRC can charge a penalty equal to the greater of £300 or 5% x tax due.

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Menzies

MARCH 14, 2023

Menzies LLP - A leading chartered accountancy firm. Bold tax decisions now could accelerate the way to a brighter economic future. A key case in point is that in April, changes in the R&D tax credits are due to take effect, this will have a negative impact on small and medium-sized businesses (SMEs).The

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Menzies

OCTOBER 21, 2022

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. But they might be unaware that most of the cost of the refurbishment may be eligible for tax relief under the capital allowances regime.

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Menzies

JANUARY 25, 2023

Menzies LLP - A leading chartered accountancy firm. G20 and 136 OECD Members have agreed to reform global tax by establishing a 15% global minimum tax rate. The effective tax rate is calculated by a series of calculations for each of the relevant entities and permanent establishments.

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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

JANUARY 25, 2024

Menzies LLP - A leading chartered accountancy firm. Taxpayers had from 6 January 2023 to 9 April 2023 to make their voluntary disclosure. Since then, till fraud has become a growing concern, especially to the tax authorities in the UK, US and Australia. Article written by Emily Donaldson.

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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

FEBRUARY 14, 2024

Menzies LLP - A leading chartered accountancy firm. Business rates Modify the scheduled business rates increase in April by transitioning from the Consumer Price Index (CPI) of September 2023 to the projected CPI of April 2024. Such an increase could see high streets shops business rate bills increase up to £1.92bn.

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Menzies

MARCH 11, 2024

Menzies LLP - A leading chartered accountancy firm. Such areas were: Reinstating tax free shopping, which would have provided overseas residents a VAT exemption on goods they acquire in the UK. We had hoped the chancellor would tackle the areas we covered in our budget wish list.

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Menzies

NOVEMBER 9, 2023

Menzies LLP - A leading chartered accountancy firm. Significant announcements are usually reserved for the autumn budget, however with various tax rates frozen until 2027/28 and tax cuts seemingly off the table, it is not clear if Chancellor Jeremy Hunt will have any big announcements in store for the tech sector this November.

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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 9, 2023

Menzies LLP - A leading chartered accountancy firm. What are Menzies’ predictions for the 2023 Autumn Budget? Read Menzies predictions and wishlist for the 2023 Autumn Budget. Tax Major tax changes are unlikely. The current scheme is due to end on 31 December 2023.

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Menzies

AUGUST 16, 2022

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?

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Menzies

NOVEMBER 10, 2023

Menzies LLP - A leading chartered accountancy firm. Read Mark Perrin’s wish list for the Transport and Logistics sector, for the upcoming 2023 Autumn Budget. Enhanced tax incentives for SMEs investing in greener fleets would be welcome. What are our recommendations? Find out more about our T&L services here.

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Going Concern

MAY 30, 2023

Ian Gow and former KPMG director Stuart Kells, authors of the 2018 book “The Big Four: The Curious Past and Perilous Future of the Global Accounting Monopoly,” write about Big 4 integrity for The Mandarin : The PwC affair is of course not the first of its kind, even for PwC. In the 1990s and 2000s, Caterpillar Inc.

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Menzies

FEBRUARY 13, 2024

Menzies LLP - A leading chartered accountancy firm. The Help to Buy scheme ended in 2023 and I would like to see the scheme either extended or re-imagined with a view to providing stimulus in the housing market. Home-owner incentives Home improvement projects are also stalling.

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Menzies

NOVEMBER 24, 2023

Menzies LLP - A leading chartered accountancy firm. Download our full Autumn Statement report 2023 Business rates support package The government is announcing a business rates support package worth £4.3 The standard rate multiplier will be uprated Autumn Statement 2023 5 in line with CPI inflation.

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Menzies

NOVEMBER 23, 2023

Menzies LLP - A leading chartered accountancy firm. Download our full Autumn Statement report 2023 Rates and duties It is super news to hear that the Hospitality and Leisure Business Rates Relief scheme will be extended for a further year at 75%, saving the average independent venue over £12,800 next year. At a cost of £4.3

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Menzies

NOVEMBER 21, 2023

Menzies LLP - A leading chartered accountancy firm. The CIOT has made its representation for the Autumn Statement 2023, and also completed the submission response to the recent HM Revenue and Customs consultations on Decentralised Finance (Defi) and the need to reform the regulation framework.

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Going Concern

FEBRUARY 20, 2024

What’s happening now is CPA Canada slashing 20 percent of their workforce of 400 people due in large part to losing those two provinces and the many, many chartered accountants in them. million in the most recent fiscal year, which ended March 31, 2023. OK, you’re caught up. The deficit included $8.77-million

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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. Since its origin in 2000 limited changes have been made to the scheme, but now there are substantial reforms in the pipeline coming in April 2023.

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Menzies

FEBRUARY 12, 2024

Menzies LLP - A leading chartered accountancy firm. Tax rates With income tax thresholds still frozen there have been rumours of a 2% cut to the income tax rate, however the Chancellor has downplayed these rumours so we are not expecting to see any dramatic changes to income tax this time around.

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Menzies

FEBRUARY 19, 2024

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 might we expect?

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Menzies

FEBRUARY 19, 2024

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 might we expect?

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Going Concern

DECEMBER 1, 2023

Deloitte Asks Some China Staff to Take Unpaid Leave [ Bloomberg Tax ] Deloitte has asked some China staff to take unpaid leave between December and February, Hong Kong media HK01 reports, citing unidentified people. Chartered* accountancy? Chartered Accountancy. As of 2023, 64% of certified accountants are White.

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Menzies

JANUARY 10, 2024

Menzies LLP - A leading chartered accountancy firm. In January 2023 we wrote about how HMRC had started to target taxpayers who they suspected may have an undisclosed income from their online trading. This is likely to have wide-reaching implications and catch individuals with no UK tax issues to correct.

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Menzies

JULY 14, 2023

Menzies LLP - A leading chartered accountancy firm. REPORTING TAX PAYMENTS IMPACT Even for groups without an additional top-up tax liability, there will be a requirement to submit a Pillar 2 Return to HMRC (if they are the reporting entity) or notify the entity and jurisdiction responsible for filing the return.

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Accounting Insight

AUGUST 9, 2023

Tax untangled – top tax Issues for 2023/24 Sharon Cook, Technical Director, 20:20 Innovation In this session, Sharon will will review two of the most topical and challenging changes in taxation that practitioners are grappling with right now: 1. You can view the full education programme here.

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Menzies

MARCH 20, 2023

Menzies LLP - A leading chartered accountancy firm. In particular, from 1st April 2023 the R&D enhancement for SME’s was due to drop from 130% to 86% and the repayable tax credit was due to drop from 14.5% for qualifying R&D expenditure. for qualifying R&D expenditure.

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