Menzies

MARCH 1, 2023

Menzies LLP - A leading chartered accountancy firm. GAINING R&D KNOWLEDGE CAN BRING REWARDS FOR YOUR PROPERTY BUSINESS Relatively few surveyors claim research and development (R&D) tax relief, despite the fact that many activities meet the scheme’s eligibility criteria. The main reason is a lack of awareness.

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Menzies

NOVEMBER 24, 2023

Menzies LLP - A leading chartered accountancy firm. The Chancellor, Jeremy Hunt, has delivered his Autumn Statement to Parliament earlier, which includes 110 measures for growth across the board.

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Menzies

JANUARY 29, 2024

Menzies LLP - A leading chartered accountancy firm. Cashflow is critical The main purpose of a business is generally the pursuit of profit, with business owners focusing on levels of turnover and profit and how these can be maximised. As sales dip after the festive season, maintaining cash flow becomes crucial.

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Menzies

JANUARY 18, 2024

Menzies LLP - A leading chartered accountancy firm. When it comes to accounting year ends, most UK companies tend to fall into one of three categories. They choose a 31 March year end as it broadly ties up with the UK tax year. When do I need to pay my corporation tax? What time of year do I make the most profit?

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Menzies

JANUARY 5, 2024

Menzies LLP - A leading chartered accountancy firm. Taking government tax incentives and available grants into consideration at the start of your journey is a smart move, to ensure you reap the returns in the quickest possible timeframes. Grant Finder updates on a regular basis for other grants available.

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Menzies

JULY 14, 2023

Menzies LLP - A leading chartered accountancy firm. HMRC receives a vast amount of information from tax authorities around the world and then uses its supercomputer, Connect, to process that information and identify who to target with a tax investigation.

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Menzies

MARCH 15, 2024

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. There are, however, ways for high growth technology businesses to provide equity in a more tax efficient way.

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Menzies

MAY 11, 2023

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.

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Menzies

MAY 11, 2023

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.

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Menzies

AUGUST 12, 2022

Menzies LLP - A leading chartered accountancy firm. The measures will apply for accounting periods commencing on or after 1 April 2023. Senior Tax Manager. The UK Government has tabled draft legislation setting out new transfer pricing documentation requirements that will affect the largest UK businesses. Emma McCartney.

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Menzies

AUGUST 21, 2023

Menzies LLP - A leading chartered accountancy firm. This relief is temporary and will end on 31 March 2026 but for companies that take advantage of it will enable up to £250 of each £1,000 of capital spend to be recovered against their tax bill and so potentially significant tax savings are available.

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Menzies

JUNE 6, 2022

Menzies LLP - A leading chartered accountancy firm. The capital allowances rules set the rates and timing at which capital expenditure can be deducted to arrive at taxable profits in a tax return. Increasing main pool and special rate allowances from 18% and 6% to (for example) 20% and 8%. Senior Tax Manager.

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Menzies

JUNE 29, 2023

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. What tax will I have to pay? What counts as a taxable event? Do I have a crypto trade?

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Menzies

FEBRUARY 27, 2023

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? Higher financial penalties.

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Menzies

APRIL 28, 2022

Menzies LLP - A leading chartered accountancy firm. The UT concluded that these tests had been established too narrowly and that more weight should have been applied to the main function of the asset rather than just its appearance. Senior Tax Manager. Natasha Spicer – ACA. Senior Manager. View profile.

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Menzies

JUNE 5, 2022

Menzies LLP - A leading chartered accountancy firm. And are there tax consequences you should be aware of? In this article we will look to provide an explanation of the tax implications that may arise for those involved with Cryptoassets. Understanding one’s tax and filing obligations is paramount. Income Tax.

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Menzies

AUGUST 1, 2023

Menzies LLP - A leading chartered accountancy firm. A fundamental question for most corporate owner managers is how to most efficiently extract profits from their company, especially in light of the frequently changing rules and tax rates / thresholds.

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Menzies

FEBRUARY 22, 2023

Menzies LLP - A leading chartered accountancy firm. Users need to refer to the Bulletin as well as the SORP to understand accounting practice in the areas affected. There will however be no change to the tax treatment purely as a result of these changes. But what is an “Update Bulletin”?

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Accounting Insight

NOVEMBER 7, 2023

The NHS budget in 2023 at around £190 billion is about the same as the total income tax collected in the UK in 2021. However, the main driver is the mind. The Armadillo solution Many years ago when I ran a busy accounting practice I too was stressed and harassed. How does the NHS cope? There is a clue in the word ‘emotion’.

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Menzies

AUGUST 17, 2022

Menzies LLP - A leading chartered accountancy firm. Tax restrictions. The move to this business structure was mainly due to changes to tax that restricted the total tax relief that individual landlords could claim on the financing costs of their residential properties. Incorporating and Taxes.

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Menzies

OCTOBER 24, 2023

Menzies LLP - A leading chartered accountancy firm. Doing so provides the outgoing majority shareholder(s) with an effective and efficient means to dispose of their shares, as well as a substantial tax advantage compared with other methods of disposal. This could result in unexpected income tax charges for the vendors.

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Menzies

OCTOBER 6, 2023

Menzies LLP - A leading chartered accountancy firm. This new allowance enables companies to claim a 100% deduction for tax purposes in the year of spend on particular capital investments. As a result, potentially seeing significant tax savings. Who Is Eligible to Claim the Allowance?

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Menzies

DECEMBER 19, 2023

Menzies LLP - A leading chartered accountancy firm. One of the main reasons for this lack of detailed analysis often comes down to the purpose of SME record keeping; primarily to ensure compliance with tax and statutory obligations.

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Menzies

JANUARY 11, 2023

Menzies LLP - A leading chartered accountancy firm. The Worldwide Disclosure Facility (WDF) opened in September 2016 and is an HMRC process which allows anyone who needs to disclose a UK tax liability that relates wholly or partly to an offshore issue to do so. assets situated or held in a territory outside the UK.

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Menzies

MAY 10, 2022

Menzies LLP - A leading chartered accountancy firm. Many of us will have received our first payslip of the new tax year and seen a reduction in our take-home pay, and many finance directors will have seen an increase in their employment costs. Based on tax and NI rates for 2022-23. Based on tax and NI rates for 2022-23.

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Menzies

JANUARY 21, 2023

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.

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Menzies

MARCH 6, 2023

Menzies LLP - A leading chartered accountancy firm. Skilled workforce One of the main factors that make the UK an attractive location for manufacturing is its skilled workforce. The government has introduced a range of measures to support businesses, including tax incentives, investment in infrastructure, and regulatory reform.

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Menzies

AUGUST 1, 2022

Menzies LLP - A leading chartered accountancy firm. Below are some of the main obstacles that you may have to face during the initial stages of your e-commerce journey, as well as some guidance and tools that may help you tackle them. What are the challenges and how can you overcome them? Finding the right product.

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Menzies

DECEMBER 5, 2022

Menzies LLP - A leading chartered accountancy firm. Cases are progressed under HMRC’s Code of Practice 9 (COP9) procedure 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. Summary Conviction.

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Menzies

MARCH 21, 2023

Menzies LLP - A leading chartered accountancy firm. The popularity of ADR has increased over the recent years, with an increasing awareness amongst tax agents and HMRC case officers of both its existence and the benefits which ADR can offer. How does the process work? The mediator’s role is to be entirely independent.

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Menzies

JULY 18, 2023

Menzies LLP - A leading chartered accountancy firm. Therefore, the main thing is to start and not get caught out. Don’t forget, there are favourable tax allowances aimed at innovation and installing/ purchasing environmentally friendly equipment. ESG stands for Environmental, Social, and Governance.

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Menzies

MARCH 6, 2023

Menzies LLP - A leading chartered accountancy firm. On top of giving up control in the assets, there are a number of tax implications which must be carefully considered before simply gifting assets to children. For tax purposes, the larger the amount given away, the larger the potential tax liability.

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Menzies

OCTOBER 27, 2023

Menzies LLP - A leading chartered accountancy firm. Stamp Duty Land Tax (SDLT) can be a significant expense for property investors and developers in England and Northern Ireland. There may be significant tax savings where dwellings are acquired together with non-residential properties.

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Menzies

NOVEMBER 27, 2023

Menzies LLP - A leading chartered accountancy firm. Understanding the differences between the available allowances is crucial for enhancing tax savings and bolstering cash flow, particularly in the early stages of a tech enterprise, where capital investments may be significant.

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Going Concern

APRIL 28, 2023

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. Meanwhile, the government is mulling options that include banning tax advisory firms from tendering for contracts if they do not curb this kind of misconduct.

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Menzies

NOVEMBER 24, 2023

Menzies LLP - A leading chartered accountancy firm. Here’s our summary of the main points: What does this mean for the Construction sector ? Some landlords are paying tax even though they are not profitable. The autumn statement has been a mixed bag for the property and construction sector.

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Menzies

MARCH 6, 2023

Menzies LLP - A leading chartered accountancy firm. This was the case even if it was going to be the buyer’s only property or if it was replacing the buyer’s only or main residence. This was the case even if it was going to be the buyer’s only property or if it was replacing the buyer’s only or main residence.

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