Menzies

JULY 14, 2025

Menzies LLP - A leading chartered accountancy firm. The October 2024 Budget signalled a seismic shift in the UK personal tax landscape, dismantling some of the long-standing benefits previously enjoyed by non-domiciled individuals. You can find more information in our dedicated blog post on trusts.

income tax

Menzies

MARCH 6, 2025

Menzies LLP - A leading chartered accountancy firm. We explore potential tax reversals, digital investment commitments, and the impact of policy changes on start-ups, growth, and digital transformation initiatives. For those in the business of accounts software there should be a boom when MTD for ITSA eventually takes off.

Technology

Menzies

FEBRUARY 12, 2024

Menzies LLP - A leading chartered accountancy firm. Significant announcements are usually reserved for the autumn budget, but with a general election coming up in 2024 will we see any big announcements from Chancellor Jeremy Hunt this March?

Technology

Menzies

FEBRUARY 14, 2024

Menzies LLP - A leading chartered accountancy firm. As we approach the Spring Budget on 6 March 2024, the UK Hospitality and Leisure sector faces ongoing challenges. increase in the standard multiplier from April 2024 adds strain. Tax Cuts The sector relies on disposable income and consumer confidence.

Hospitality

Menzies

FEBRUARY 13, 2024

Menzies LLP - A leading chartered accountancy firm. See our Spring Budget 2024 Predictions and Wish List for from our Private Client Team below. Income tax Tax Liabilities Given the increased interest rates, more taxpayers will be benefitting from increased interest on income.

income tax

Menzies

JANUARY 7, 2024

Menzies LLP - A leading chartered accountancy firm. If you find in this time of uncertainty that you are unable to pay your self assessment income tax liability, there is help at hand. How you contact HMRC will depend on how much tax you have to pay (see below). Once you are happy please complete the process.

income tax

Menzies

APRIL 4, 2024

Menzies LLP - A leading chartered accountancy firm. This date is expected to be around 19 th April 2024 (but is not confirmed). It is important to understand the value of your holding to anticipate any future tax liabilities or take advantage of losses. A Bitcoin Halving Event effects all who are involved in Bitcoin.

chartered accountant

Menzies

SEPTEMBER 19, 2024

Menzies LLP - A leading chartered accountancy firm. A “painful” autumn budget The Prime Minister has already warned that the autumn budget held on 30 October 2024 will be ‘painful’ and that ‘big asks’ will be made of the public.

Technology

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).

tax return

Menzies

JULY 9, 2024

Menzies LLP - A leading chartered accountancy firm. Employment taxes and skills Labour have pledged not to increase taxes on workers, which means there are no expected changes to income tax or national insurance for employers to take into consideration.

Manufacturing

Menzies

AUGUST 21, 2024

Menzies LLP - A leading chartered accountancy firm. Further information has now been made available in respect of the abolition of the Furnished Holiday Lettings (FHL) tax regime that will take effect from April 2025. Capital gains tax reliefs – access to reliefs from taxes on chargeable gains.

Tax

Going Concern

FEBRUARY 23, 2024

Sadly, I had to argue with them over their own language in black and white on how… — Eric Pierre, CPA (@yourfavecpa) February 22, 2024 Deloitte’s Adam Powick wrestles with the complaints of former staff and directors about the pressure to perform in a gruelling corporate culture. in last 12 months.

CPA

Going Concern

FEBRUARY 16, 2024

Belgian accounting sector is overworked and turning away new clients [ The Brussels Times ] A significant portion of accounting firms across Belgium are contemplating downsizing as their workload continues to surge, raising alarms within the sector about potential implications for small businesses and startups, L’Echo reports.

Real Estate

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. From 2024/25 profits will be taxed on a tax year basis. The profit from the end of the accounting period to 5 April 2024 is the transitional profit.

income tax

Menzies

FEBRUARY 16, 2023

Menzies LLP - A leading chartered accountancy firm. With significant announcements usually reserved for the autumn budget, we are not expecting huge tax increases in the spring budget but nor are we expecting any tax cuts either.

Technology

Menzies

JULY 26, 2022

Menzies LLP - A leading chartered accountancy firm. Thinking of going freelance when you graduate, or started your own side business already, but don’t know what to do about tax? You may also need to pay additional ‘payments on account’ due by 31 st January and 31 st July annually. Making Tax Digital (MTD).

Tax

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? What happens if I’ve been earning Esports income for a few years and didn’t tell HMRC?

Sports

Menzies

NOVEMBER 30, 2022

Menzies LLP - A leading chartered accountancy firm. From April next year, the dividend allowance will be cut from £2,000 to £1,000 and from April 2024 it will halve again to £500. 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.

chartered accountant

Menzies

JUNE 6, 2023

Menzies LLP - A leading chartered accountancy firm. It is expected that from 6 April 2024 a new points-based penalty system will be introduced to replace the existing penalty regime for late returns. The offshore category uplifts referred to earlier can also apply.

Tax

Menzies

JULY 27, 2023

Menzies LLP - A leading chartered accountancy firm. When pension contributions in a year exceed the individual’s AA, the excess is taxed at the individual’s marginal rate of income tax. The available AA is also tapered by £1 for each £2 when income exceeds a defined limit.

chartered accountant

Menzies

SEPTEMBER 20, 2024

Menzies LLP - A leading chartered accountancy firm. With a recent change in Government promising to fill the tax gap, the Prime Minister has warned the budget will be “painful”. See our Autumn Budget 2024 Predictions and Wish List below. This could take any form but perhaps we may see a “super threshold” (i.e.

tax services

Menzies

OCTOBER 27, 2023

Menzies LLP - A leading chartered accountancy firm. Capital gains tax (CGT) has traditionally been a tax that most people could ignore. However, as has happened with higher rate tax, the reach of CGT has been growing and will extend further over the next few years. What can you do? Don’t sell!

Tax

Going Concern

JUNE 14, 2024

Accounting Firm Leaders Discuss Challenges/Benefits of a Remote Workforce [ Thomson Reuters ] Employers and payroll professionals face a complex web of challenges while managing remote and hybrid work arrangements, particularly concerning state income tax withholding and compliance with varying state labor laws.

Michigan

Going Concern

JANUARY 5, 2024

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. And take our 2024 Predictions for the Accounting Profession survey ! Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default.

tax return

Going Concern

FEBRUARY 3, 2025

Louis held a casual accounting mixer (“Some of my students have said its like speed dating”), 2024 graduate and Anders associate had this piece of advice for students: Callaway did so many internships in part because he wanted to get a better idea of the career path he wanted to pursue. ” University of St.

Account

Menzies

APRIL 23, 2025

Menzies LLP - A leading chartered accountancy firm. When would I pay CGT instead of Income Tax? For example, an individual who is regularly buying and flipping houses would be considered to be trading in property and subject to income tax instead. Do you think you might need to pay some CGT?

Tax

Menzies

APRIL 8, 2025

Menzies LLP - A leading chartered accountancy firm. Since the October 2024 budget, Inheritance Tax (IHT) has been a growing topic of conversation. Provided that the withdrawals remain within the 5% annual allowance of the original investment, there is generally no Income Tax or Capital Gains Tax (CGT) to pay.

income tax

Menzies

JANUARY 27, 2025

Menzies LLP - A leading chartered accountancy firm. Enterprise Management Incentives (EMIs) are a powerful tool for small trading companies and groups which can be used to attract, motivate and retain top talent by giving the opportunity to have skin in the game in a UK tax efficient manner. What is an EMI ?

chartered accountant

Menzies

FEBRUARY 20, 2025

Menzies LLP - A leading chartered accountancy firm. In amongst the raft of announcements made at the budget in October 2024, a number of changes were proposed to the EOT tax regime, which followed a consultation launched by the previous government in July 2023. Could an EOT be right for my business?

Tax