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?

chartered accountant 59

chartered accountant tax return corporation tax Tax 59

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.

Tax 52

Tax tax return chartered accountant Maine 52

Menzies

JULY 26, 2023

Menzies LLP - A leading chartered accountancy firm. April 2024 will see tax changes affecting cryptoasset reporting to HMRC come into effect. The changes will specifically focus on creating a dedicated section within HRMC’s self-assessment tax return form for cryptoasset capital gains tax (CGT).

tax return 52

tax return chartered accountant income tax Tax 52

Menzies

APRIL 4, 2024

Menzies LLP - A leading chartered accountancy firm. If you are a trader or miner , remember that transaction fees are subject to income tax too, so even if the value of bitcoin goes down and transaction fees rise, you will need to report this income on your self-assessment tax return.

chartered accountant 52

chartered accountant income tax tax return Tax 52

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.

income tax 52

income tax tax return chartered accountant Legal 52

Menzies

FEBRUARY 13, 2024

Menzies LLP - A leading chartered accountancy firm. Income tax Tax Liabilities Given the increased interest rates, more taxpayers will be benefitting from increased interest on income. This means more taxpayers may find themselves with undisclosed tax liabilities and/or needing to file a tax return.

income tax 52

income tax chartered accountant tax return Tax 52

Menzies

JANUARY 29, 2024

Menzies LLP - A leading chartered accountancy firm. So, if a tutor is earning less than £1,000 in a tax year from an online platform there will be no requirement to notify HMRC of this source or make a disclosure. The tax calculations can potentially go back up to 20 years depending on the circumstances.

Tax 59

Tax tax return chartered accountant Start-ups 59

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. The UK Government has tabled draft legislation setting out new transfer pricing documentation requirements that will affect the largest UK businesses. Uncertainty for UK businesses.

chartered accountant 52

chartered accountant tax return Maine audit 52

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.

income tax 52

income tax Tax chartered accountant Government 52

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? This facility exists specifically to help regularise your historic tax affairs.

Sports 59

Sports Tax tax return chartered accountant 59

Menzies

NOVEMBER 3, 2023

Menzies LLP - A leading chartered accountancy firm. HMRC have recently introduced measures to combat fraud within R&D, including lowering the SME tax relief and increasing compliance requirements, as Ant Lalsing details in his article here. HMRC can use their powers to ‘correct’ your company’s CT600 tax return.

tax return 52

tax return chartered accountant Tax corporation tax 52

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? Or do you promote brands online and receive products for free in return for your content?

Tax 52

Tax tax return chartered accountant accounting firms 52

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. In this scenario, only the proportion relating to the business use can be claimed as an allowable expense.

chartered accountant 52

chartered accountant income tax tax return Transportation 52

Menzies

FEBRUARY 19, 2024

Menzies LLP - A leading chartered accountancy firm. In January 2024, HMRC released a summary of consultation responses on the proposed reform of transfer pricing rules (along with permanent establishment/PE and Diverted Profits Tax/DPT rules). What UK changes can we expect?

chartered accountant 52

chartered accountant tax return Tax Government 52

Menzies

FEBRUARY 19, 2024

Menzies LLP - A leading chartered accountancy firm. In January 2024, HMRC released a summary of consultation responses on the proposed reform of transfer pricing rules (along with permanent establishment/PE and Diverted Profits Tax/DPT rules). What UK changes can we expect?

chartered accountant 52

chartered accountant tax return Tax Government 52

Menzies

JANUARY 20, 2023

Menzies LLP - A leading chartered accountancy firm. Business Tax Tax returns and iXBRL tagging Completion of corporate tax returns and electronic tagging is a necessary but administrative burden and ensuring that the correct amount of tax is paid and that available tax reliefs are maximised can be a complex process.

Finance 52

Finance Tax tax return accounting and finance 52

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.

Tax 52

Tax chartered accountant Maine tax return 52

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. net present values, cash-flow benefits or impacts on effective tax rates).

chartered accountant 52

chartered accountant tax return Maine Government 52

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.

Tax 59

Tax chartered accountant tax return accounting firms 59

Menzies

JULY 26, 2022

Menzies LLP - A leading chartered accountancy firm. Thinking of going freelance when you graduate, or started your own side business already, but don’t know what to do about tax? You may also need to pay additional ‘payments on account’ due by 31 st January and 31 st July annually. Self-assessment tax.

Tax 52

Tax Georgia income tax tax return 52

Menzies

JANUARY 3, 2023

Menzies LLP - A leading chartered accountancy firm. Almost 10 years ago HMRC launched a disclosure facility aimed at individuals who had received property income, in the UK or abroad, but had failed to disclose this in their tax returns. What could go wrong?

tax return 52

tax return chartered accountant Tax accounting and finance 52

Going Concern

MARCH 25, 2022

These are the 5 most ‘boring’ — and exciting — jobs in the world, according to a recent study [ CNBC ] You’ll be happy to hear accounting made #2 on the most boring list. Don’t feel bad, MY job ranked #3 most exciting and I assure you it absolutely is not, I write about accounting after all. “I PCAOB Spotlight PDF here.

tax return 52

tax return audit auditor cpas 52

Menzies

JULY 29, 2024

Menzies LLP - A leading chartered accountancy firm. They do not have any special tax reliefs and will pay tax on their profits like “normal” limited companies. Accounts will be similar to those for normal limited companies. This makes it difficult to know which is the most appropriate structure to use.

Non-Profits 52

Non-Profits Sports corporation tax accrual accounting 52

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 counts as a taxable event?

income tax 52

income tax chartered accountant tax return Tax 52

Menzies

JANUARY 19, 2023

Menzies LLP - A leading chartered accountancy firm. The tax calculations can potentially go back up to 20 years depending on the circumstances. Commencing on 16 January 2023, HMRC has started to issue letters to taxpayers who they believe have undisclosed income from their online trading activities.

chartered accountant 52

chartered accountant tax return Tax Legal 52

Menzies

JANUARY 10, 2024

Menzies LLP - A leading chartered accountancy firm. The tax calculations can potentially go back up to 20 years depending on the circumstances. 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.

chartered accountant 52

chartered accountant Tax tax return Start-ups 52

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. Claims made after this will have a greatly decreased return.

Tax 52

Tax chartered accountant Maine tax return 52

Menzies

APRIL 4, 2023

Menzies LLP - A leading chartered accountancy firm. To allow HMRC to check that the correct amounts of tax have been paid by taxpayers, they have been afforded formal legal powers to request information and documents from taxpayers. These powers are contained within Schedule 36 to Finance Act 2008.

tax return 52

tax return chartered accountant Tax Legal 52

Going Concern

NOVEMBER 18, 2022

EY split threatens to weaken both sides of firm, say retired partners [ Financial Times ]. More than 150 retired EY partners have written to the accounting firm’s leadership objecting to the radical plan to split its consulting and audit businesses. Bam is a chartered accountant and an outstanding South African.

Technology 96

Technology audit auditor accounting and finance 96

Menzies

MARCH 25, 2024

Menzies LLP - A leading chartered accountancy firm. As a general rule, any individual undertaking employment duties in the UK is immediately liable to UK PAYE taxes, even if they are only in the UK for a matter of days. The STBV Appendix 8 arrangement increases the UK workday limit from 30 to 60 days.

tax return 40

tax return chartered accountant Tax Legal 40

Menzies

MARCH 6, 2023

Menzies LLP - A leading chartered accountancy firm. 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. This is because all sales within 12 months of the date of death must be accounted for.

Tax 52

Tax tax return chartered accountant Sales 52

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.

Non-Profits 52

Non-Profits chartered accountant Tax income tax 52

Menzies

MAY 18, 2022

Menzies LLP - A leading chartered accountancy firm. The media storm surrounding the news that Akshata Murthy is treated as non-domiciled for UK tax purposes highlights the need to challenge common misconceptions and increase awareness of the beneficial impact that individuals with this status have on the UK economy.

chartered accountant 52

chartered accountant Tax income tax tax return 52

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.

Technology 52

Technology income tax tax return Tax 52

Menzies

AUGUST 16, 2022

Menzies LLP - A leading chartered accountancy firm. For EPW services to be eligible, the third party who employs the worker is required to account for PAYE on the worker’s income in relation to the R&D they undertake. The information to be provided along with a tax return is be made mandatory.

accounting and finance 52

accounting and finance Technology chartered accountant tax return 52

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. In the transition year, HMRC are asking for tax ‘up front’ on the profits arising in the period from the accounting year end to the end of the tax year.

income tax 52

income tax Tax chartered accountant tax return 52

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.

chartered accountant 40

chartered accountant Tax tax return Maine 40