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

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

MAY 26, 2024

Menzies LLP - A leading chartered accountancy firm. Email marketing Building and nurturing customer relationships is key to driving sales and fostering loyalty. It’s important to consider the geographical location of your customers and the associated currency conversion fees and taxes when selecting payment processing solutions.

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Menzies

MARCH 6, 2024

Menzies LLP - A leading chartered accountancy firm. The FHL regime has been around for years and provides individuals and companies who hire out furnished properties as holiday lets with various tax advantages. In recent years the number of landlords providing furnished holiday homes has increased significantly.

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Menzies

MARCH 25, 2024

Menzies LLP - A leading chartered accountancy firm. Under the new legislation, the deadline to report the grant of new EMI share options is now 6 July following the end of the tax year in which they were granted. HMRC has recently changed the time limit on the reporting for new EMI notifications granted from 6 April 2024.

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Menzies

DECEMBER 12, 2023

Menzies LLP - A leading chartered accountancy firm. To assist you in this evaluation, our Selling your business whitepaper includes our Business Optimisation Checklist – a list that covers all the key questions that you need to consider focusing on areas such as your goals, customers, markets, people, governance, tax and supply chains.

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Menzies

APRIL 12, 2024

Menzies LLP - A leading chartered accountancy firm. Despite this, UK retail sales have topped £500 billion recently, and businesses in the sector are striving to differentiate their offerings through providing an enhanced, sustainable, and personalised customer experience, investing in innovative products and digital transformation.

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Menzies

MARCH 6, 2023

Menzies LLP - A leading chartered accountancy firm. During these bleak times, it is important to consider tax reliefs and planning strategies that are available in these circumstances. It is important to note that all sales must be taken into account in the 12 month period, including sales which resulted in a gain.

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Menzies

JANUARY 25, 2024

Menzies LLP - A leading chartered accountancy firm. Since then, till fraud has become a growing concern, especially to the tax authorities in the UK, US and Australia. Article written by Emily Donaldson. What should you know about suspected till fraud?

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Menzies

APRIL 12, 2024

Menzies LLP - A leading chartered accountancy firm. Strategic divestments could help to raise the funds needed to invest, which may in turn help to minimise corporate tax liabilities by creating an opportunity to claim R&D tax relief. Business owners in the sector should harness data and manage cash flow carefully.

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Menzies

JANUARY 29, 2024

Menzies LLP - A leading chartered accountancy firm. As sales dip after the festive season, maintaining cash flow becomes crucial. A reduction in sales following the Christmas and New Year period, but with overheads and debt costs still at normal levels, can put pressure on business’ cashflow.

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Menzies

MAY 17, 2022

Menzies LLP - A leading chartered accountancy firm. Historical tax incentives also made the market a lucrative option but the tax rules have changed and not for the better. Historical tax incentives also made the market a lucrative option but the tax rules have changed and not for the better.

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Menzies

APRIL 12, 2024

Menzies LLP - A leading chartered accountancy firm. In the ever-evolving landscape of ecommerce, the sector continues its upward trajectory, with global online sales consistently on the rise. Meeting evolving customer expectations requires ongoing investments in website usability, customer support, and post-purchase services.

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Going Concern

APRIL 7, 2023

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. Build ChatGPT into Excel [ Journal of Accountancy ] Note that this process currently works in Microsoft Excel 365, Microsoft Excel 365 for Mac, and Excel for the web. I can imagine it.

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Menzies

AUGUST 10, 2023

Menzies LLP - A leading chartered accountancy firm. Who do the new tax relief rules apply to? This means that it may or may not be worth claiming, depending on each companies circumstances.

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Accounting Insight

AUGUST 9, 2023

Tax untangled – top tax Issues for 2023/24 Sharon Cook, Technical Director, 20:20 Innovation In this session, Sharon will will review two of the most topical and challenging changes in taxation that practitioners are grappling with right now: 1.

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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

DECEMBER 7, 2023

Menzies LLP - A leading chartered accountancy firm. With the rise in use of various digital assets, including exchange tokens, NFTs (non-fungible tokens), and utility tokens, the landscape of financial transactions has evolved and it’s crucial to understand and comply with tax regulations to avoid potential issues down the line.

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Menzies

AUGUST 18, 2023

Menzies LLP - A leading chartered accountancy firm. While some businesses have welcomed the reduction in duties on beer, cider, and spirits, others have expressed concern that the increase in wine duties could have a negative impact on their sales.

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Menzies

JANUARY 10, 2024

Menzies LLP - A leading chartered accountancy firm. This will likely impact not just those with a tax issue to resolve, but those who don’t but just happen to be a user of online platforms. This is likely to have wide-reaching implications and catch individuals with no UK tax issues to correct.

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Menzies

MARCH 15, 2024

Menzies LLP - A leading chartered accountancy firm. On the face of it, the award of equity to an employee is a taxable benefit, subject to tax in the same way as a cash bonus, which can be problematic where employees receive shares without any cash to settle the arising tax liability.

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Menzies

DECEMBER 12, 2022

Menzies LLP - A leading chartered accountancy firm. On 8 December 2022 HMRC announced the ESS disclosure facility aimed at businesses who have made use of technology which artificially suppresses their till sales, and therefore erroneously reduces their tax liabilities. How will the ESS disclosure facility work?

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Menzies

FEBRUARY 7, 2023

Menzies LLP - A leading chartered accountancy firm. Never miss a sale Sales and profitability are the key components of business growth. Having a poor inventory system can wreak havoc on sales, leading to lost opportunities. Find out more about the impact of Making Tax Digital on your business.

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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. WHAT IS AN EOT AND WHAT ARE THE BENEFITS? WHY IS A VALUATION REQUIRED?

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Menzies

FEBRUARY 1, 2023

Menzies LLP - A leading chartered accountancy firm. Menzies were appointed as his accountants and business advisors. Menzies were appointed as his accountants and business advisors. Menzies could assist with the sale and of course, make the appropriate fees. Our client had been an IT Consultant in the City.

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Menzies

MAY 6, 2022

Menzies LLP - A leading chartered accountancy firm. The balance will continue to be written down annually and in the above example this would mean a total of £19k tax saving (at current tax rates)/£25k tax saving (at future tax rates). For every £100 spent, companies will receive tax relief of £130.

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Menzies

FEBRUARY 10, 2023

Menzies LLP - A leading chartered accountancy firm. The aggregation of marginal gains – aka the 1% rule The theory is that by making small increases or changes to one, two or even three key areas in a business the positive impact on a company’s profit and loss account can be substantial.

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Menzies

MARCH 17, 2023

Menzies LLP - A leading chartered accountancy firm. Know Your Niche Boosting sales is difficult at the best of times, but it is essential in order to achieve success. Further, being aware of your break-even point – what value of sales you must complete in order to equal your costs – is important.

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Menzies

NOVEMBER 18, 2022

Menzies LLP - A leading chartered accountancy firm. The update in question provides advice regarding the tax treatment of cryptoassets, allowing traders to efficiently organise their digital assets. People often mistake what counts as ‘trading’ in their tax returns. However, does the new guidance cover enough ground?

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Menzies

FEBRUARY 4, 2023

Menzies LLP - A leading chartered accountancy firm. There are very few tax breaks available for owners of or investors in UK commercial property. The quantum of the tax relief available is dependent on the historic ownership of the property and not necessarily the age of the building. see general rule of thumb % below).

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Menzies

JUNE 19, 2023

Menzies LLP - A leading chartered accountancy firm. However, each country operates from a different rulebook when it comes to tax and employment law. Similarly, in the US, both state and federal tax systems must be understood and adhered to. Also, multiple registrations may be required for necessities, such as VAT.

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Menzies

AUGUST 9, 2022

Menzies LLP - A leading chartered accountancy firm. While this appears to be a fast, immediate solution, there could be further reemployment issues and unintended tax ramifications because of an overreliance on overseas remote workers. R&D Tax Relief. Local taxes – Crouching taxes, hidden costs.

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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. If the loan is £10k or under there may be no personal tax implications.

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Menzies

MARCH 1, 2023

Menzies LLP - A leading chartered accountancy firm. The company pays corporation tax on its taxable profits (25% for companies with profits of £250k or more, from 1 April 2023), with the net profit left in the company’s reserves. The shareholders are then taxed on the distribution of the proceeds.

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Menzies

DECEMBER 19, 2023

Menzies LLP - A leading chartered accountancy firm. As part of the due diligence process, they received a long list of financial information requests from the acquirer including sales and margin by customer and product.

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Menzies

APRIL 25, 2023

Menzies LLP - A leading chartered accountancy firm. Will activities constitute a corporate tax presence? UK-based businesses seeking to operate in the EU for the first time need to establish whether their activities will constitute a corporate tax presence – a ‘permanent establishment’.

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Menzies

NOVEMBER 30, 2022

Menzies LLP - A leading chartered accountancy firm. Alterations To R&D Tax Incentives. The Chancellor announced plans to restructure tax breaks for companies investing in research and development, with an increase in the competitiveness of the Research and Development Expenditure Credit (RDEC) scheme for larger companies.

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