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Private Client: Spring Budget 2024 Predictions & Wish List

Menzies

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.

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Bitcoin Halving 2024

Menzies

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.

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What If you can’t pay your self assessment income tax bill on time

Menzies

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.

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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).

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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.

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Dear Graduate… Don’t let your next steps be taxing!

Menzies

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).

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Basis Period Reforms – Do you have sufficient funds?

Menzies

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.