Menzies

JANUARY 29, 2024

Menzies LLP - A leading chartered accountancy firm. The first reports made by the online platforms about their users must be submitted to HMRC before 31 January 2025. As such we expect HMRC will consider opening a targeted disclosure facility aimed at users of online platforms in the coming months.

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Menzies

AUGUST 18, 2023

Menzies LLP - A leading chartered accountancy firm. This provides a grace period of 18 months, until 1 February 2025, for producers and importers to adjust their practices accordingly and help minimise disruption to the wine industry. These businesses are allowed to use an ‘assumed strength’ of 12.5%

Hospitality 52

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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.

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Menzies

OCTOBER 27, 2023

Menzies LLP - A leading chartered accountancy firm. For example, if you start earning income from Esports in June 2023, you would need to notify HMRC by 5 October 2024, and file your first tax return by 31 January 2025, and annually thereafter. First things first – don’t panic.

Sports 59

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Menzies

JANUARY 4, 2024

Menzies LLP - A leading chartered accountancy firm. The historical ability for non-residents to avoid UK tax on property sales and potentially benefit from reduced stamp duty has undergone significant changes.

Non-Profits 52

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Menzies

JULY 26, 2023

Menzies LLP - A leading chartered accountancy firm. TOM will do this through the ability to set our own border policy and use of technology set out in the 2025 UK Border Strategy. TOM will simplify and digitise processes, to be delivered through the UK’s new Single Trade Window (STW).

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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 accept that this may require estimates for the period in which accounts have not yet been completed. From 2024/25 profits will be taxed on a tax year basis.

income tax 52

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Menzies

JULY 18, 2023

Menzies LLP - A leading chartered accountancy firm. The SME market is currently unregulated when it comes to ESG but frameworks are expected to come down the line as soon as 2025. ESG stands for Environmental, Social, and Governance. However, what is becoming more of a risk is inaction within.

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Menzies

AUGUST 1, 2023

Menzies LLP - A leading chartered accountancy firm. This must take place no later than 28January 2025. It is crucial for non-doms residing in the UK to reassess their financial arrangements due to the growing uncertainty surrounding their status. If elected, this will mean UK non-doms could effectively become domiciled.

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Menzies

MARCH 16, 2023

Menzies LLP - A leading chartered accountancy firm. Please note that the following is all subject to agreement and so is an outline of the current proposed trading landscape for Northern Ireland.

B2C 52

B2C E-commerce Agriculture chartered accountant 52