Remove Account Remove chartered accountant Remove income tax Remove Maine
article thumbnail

What’s the difference between accounting and bookkeeping?

Reckon

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.

article thumbnail

Rental Income

Menzies

Menzies LLP - A leading chartered accountancy firm. One of the main aspects you need to think about when becoming a landlord is the tax position and ensuring that you meet the tax reporting requirements. The income will be taxed at your marginal rate.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Self Employment

Menzies

Menzies LLP - A leading chartered accountancy firm. One of the main aspects you need to think about when becoming Self Employed is the tax position and ensuring that you meet the tax reporting requirements. Income tax is payable on the profit.

article thumbnail

Crypto: Common misconceptions

Menzies

Menzies LLP - A leading chartered accountancy firm. Investing in cryptoassets is becoming more commonplace, but only 42% of crypto owners were aware there might be tax to pay when using crypto in a survey commissioned by HMRC in 2022. If there is a trade, income tax takes priority over capital gains tax.

article thumbnail

EIS and SEIS for Technology Businesses

Menzies

Menzies LLP - A leading chartered accountancy firm. The Seed Enterprise Investment Scheme (SEIS) and Enterprise Investment Scheme (EIS) provide significant tax incentives for external investment into developing technology companies. The maximum subscription for EIS in any tax year which can qualify for relief is £1million.

article thumbnail

Voluntary disclosures and the Digital Disclosure Service (DDS)

Menzies

Menzies LLP - A leading chartered accountancy firm. COP9 is relevant where HMRC either suspect, or the individual chooses to voluntarily disclose, that their deliberate action or inaction has led to an insufficient amount of tax being paid. How does the digital disclosure service work?

article thumbnail

Equity incentives in the technology sector

Menzies

Menzies LLP - A leading chartered accountancy firm. It directly aligns the objectives of the main shareholders with the employees, to grow the value of the business. The popularity of this scheme reflects its tax efficiency and the flexibility in how it can be structured.