Menzies

MARCH 25, 2024

Menzies LLP - A leading chartered accountancy firm. If you don’t declare or don’t pay the tax you owe to HMRC, it’s likely you will receive significant penalties and in some cases be criminally prosecuted. What should I do if I am concerned about PDDD or MSD?

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Menzies

JANUARY 29, 2024

Menzies LLP - A leading chartered accountancy firm. Online tutors are easy to find and there are many websites offering to match students to tutors, but how many tutors consider the potential UK tax reporting obligations arising from their endeavours? What will private tutors want to know?

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Menzies

JANUARY 29, 2024

Menzies LLP - A leading chartered accountancy firm. Research and Development (R&D) tax relief is a highly valuable relief to promote and reward attempts by companies to achieve advances in scientific or technological fields or appreciable improvements in associated processes. Tax saving increases by up to £2.80

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Menzies

APRIL 10, 2023

Menzies LLP - A leading chartered accountancy firm. The tax landscape in relation to property has changed dramatically over recent years with various tax rule changes and anti-avoidance measures. This may include for example complying with the Construction Industry Scheme.

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Menzies

AUGUST 31, 2023

Menzies LLP - A leading chartered accountancy firm. Sourcing funds for the accoun t A directors’ loan account records money lent to, or borrowed from, the company by its directors which isn’t a business cost, such as salary or expense payments, or a dividend to a shareholder. per cent on the loan. per cent on the loan.

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Reckon

APRIL 6, 2024

Much like those people who don’t understand the difference between Aussie rules, league and association football and call them all footy, a number of small business owners use the terms accounting and bookkeeping interchangeably. An easy start is to say that an accountant can be a bookkeeper but a bookkeeper isn’t an accountant.

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CPA Practice

MAY 18, 2023

Victoria Saravia Bazoberry (New York), a graduate of the University of Notre Dame with a Bachelor of Business Administration in accountancy, is employed with KPMG LLP in New York, NY. Sells, one of the first CPAs in the U.S., was active in the establishment of the AICPA and played a key role in advancing education within the profession.

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Going Concern

MAY 28, 2024

The local news in Cincinnati covered this strategic move : One of Greater Cincinnati’s largest accounting firms is being acquired by an Indianapolis company. Blue Ash-based tax, advisory and audit firm Cassady Schiller CPAs & Advisors will become part of Katz, Sapper & Miller in a transaction that will be completed May 31.

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Menzies

APRIL 3, 2023

Menzies LLP - A leading chartered accountancy firm. Download Menzies 2023/24 Tax Rate Cards The Menzies Tax Rate card outlines the business and individual tax rates for the coming tax year (2023/24).

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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

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.

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Menzies

FEBRUARY 19, 2024

Menzies LLP - A leading chartered accountancy firm. Did you know under Extra Statutory Concession A19 (ESC A19) HMRC have the power to write off income tax and capital gains tax you owe in respect of historic periods where the underpayment is due to an HMRC error or administrative failure?

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Menzies

SEPTEMBER 2, 2022

Menzies LLP - A leading chartered accountancy firm. For example, if an energy-efficient vehicle cost £100,000, this would lead to a deduction against the taxable profits of £100,000, generating tax relief of £25,000 (assuming corporation tax paid at the new 25%, as from April 2023 corporation tax rates are due to increase).

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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 7, 2023

Menzies LLP - A leading chartered accountancy firm. UK tax considerations for content creators and social media influencers Do you consider yourself an influencer? If so, did you know that you may well have UK tax liabilities and do you know what you need to do to be tax compliant? So what do I do now?

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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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CPA Practice

NOVEMBER 17, 2023

The standard business model for accounting firms is reactive and transactional – and it’s on life support. Renew has helped hundreds of accounting firms increase their number of target clients, focusing on inspiring metrics and work while making a significant impact with their clients. Already registered for this webinar?

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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. Again, if the return is outstanding after 12 months HMRC can charge a penalty equal to the greater of £300 or 5% x tax due.

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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. This is with reference to the date the claim is filed, not the accounting period date, so any claims filed from 8 August 2023 onwards will need to comply with these new rules.

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Menzies

FEBRUARY 14, 2024

Menzies LLP - A leading chartered accountancy firm. Tax Cuts The sector relies on disposable income and consumer confidence. A basic rate income tax cut could stimulate additional spending on recreational activities, benefiting the industry.

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Menzies

MARCH 22, 2023

Menzies LLP - A leading chartered accountancy firm. Depending on the circumstances this may defer the tax relief available into the next accounting period. The tax impact on making use of grants is that the value on which capital allowances are applied is reduced by the value of the grant.

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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

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. The tax return is due for filing by the 31st January following the end of the tax year.

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Menzies

JANUARY 20, 2023

Menzies LLP - A leading chartered accountancy firm. We’re devised this ‘Finance Directors’ tax toolkit’ to highlight the ways in which Menzies often help large and multinational companies including business tax, employment solutions and innovation incentives (e.g.

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Menzies

MAY 15, 2024

Menzies LLP - A leading chartered accountancy firm. As the digital marketplace continues to expand, so does the focus of tax authorities on income generated from online trading. Impact on sellers For those already adhering to tax obligations, the impact may be minimal. Are you selling on Vinted, Airbnb or eBay?

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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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Accounting Insight

MAY 10, 2024

At the time Hamish was a practising accountant before his journey with Xero. Whilst, no longer a practising accountant Hamish is still passionate about how technology can continue to be transformative for accounting, and that is reflected in his involvement with Firmcheck. We did just that.

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Menzies

JULY 6, 2022

Menzies LLP - A leading chartered accountancy firm. The Plastic Packing Tax is now operational. On 1 July 2022, HMRC updated their guidance on how to submit your Plastic Packaging Tax return. Once you have met the 10-tone threshold you will need to register your liability for the Plastic Packaging Tax.

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Menzies

JUNE 8, 2023

Menzies LLP - A leading chartered accountancy firm. 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. Rate From 1 April 2023 the PPT rate has increased to £210.82

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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

FEBRUARY 14, 2024

Menzies LLP - A leading chartered accountancy firm. Tax-free shopping Acknowledging the crucial role played by the retail sector in the UK’s economic landscape, we propose the reintroduction of tax-free shopping for international visitors, including those from the EU.

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Menzies

MAY 22, 2024

Menzies LLP - A leading chartered accountancy firm. The Annual Tax on Enveloped Dwellings (ATED) is an annual tax due where corporate entities – whether UK resident or not – own UK residential properties. What is ATED?

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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. In 2015 The sale of UK residential property by non-residents became liable to UK tax.

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Menzies

OCTOBER 5, 2023

Menzies LLP - A leading chartered accountancy firm. In this final session our experts look at some of the issues and potential benefits associated with engaging employees on a more permanent basis to work abroad and discuss what businesses need to consider from a legal, tax and immigration perspective.

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Menzies

APRIL 23, 2024

Menzies LLP - A leading chartered accountancy firm. The purpose of this scheme was to make declaring and paying tax on benefits easier, compared to the previous method of submitting P11D forms. Once registered you can apply online before the start of the tax year. What do you need to know?

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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. The capital allowances regime has several categories, each providing varying levels of relief. What’s in the Main pool?

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Menzies

MARCH 7, 2024

Menzies LLP - A leading chartered accountancy firm. The H&L sector had been lobbying for a reduction in the VAT rate but instead saw a modest increase in the VAT threshold from £85k to £90k which will do little to reduce the sectors tax burden, or boost consumer spending.

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