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.

Account

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).

Tax

Menzies

AUGUST 4, 2024

Menzies LLP - A leading chartered accountancy firm. For companies that pay the full rate of corporation tax, this reduces the cost of plant and machinery by 25% in the year in which it is purchased.

Construction

Menzies

JUNE 26, 2024

Menzies LLP - A leading chartered accountancy firm. Corporation Tax The Conservatives have pledged not to increase corporation tax whilst Labour have promised to cap corporation tax at 25%. The conservatives have committed to investing £1.1 bn into the Green Industries Growth Accelerator.

Manufacturing

Menzies

NOVEMBER 9, 2023

Menzies LLP - A leading chartered accountancy firm. Tax Major tax changes are unlikely. Buy to let After changes to the buy to let interest relief were bought in many landlords have chosen to start limited company so they are paying close attention to the rate of corporation tax.

chartered accountant

Menzies

MARCH 1, 2023

Menzies LLP - A leading chartered accountancy firm. Losses are entitled to corporation tax credits by offsetting a trading loss against profits from gains from the same or previous periods, with remaining losses being available for offset in the future. Tax An LLP is not liable to tax, with partners taxed as individuals.

corporation tax

Menzies

MARCH 1, 2023

Menzies LLP - A leading chartered accountancy firm. No national insurance is due on interest payments and the company will obtain a corporation tax deduction for the gross interest paid. Care needs to be taken to ensure 20% income tax is withheld by the company and paid to HMRC via a CT61 return.

income tax

Menzies

SEPTEMBER 19, 2024

Menzies LLP - A leading chartered accountancy firm. The Hospitality & Leisure industry accounts for around 10% of the UK’s overall energy consumption and creates carbon emissions of around 8 million tonnes per year.

Hospitality

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?

Retail

Menzies

NOVEMBER 9, 2023

Menzies LLP - A leading chartered accountancy firm. Reducing Corporation Tax Rate for SMEs: To alleviate the pressure faced by SME manufacturers due to rising costs and a constrained workforce, we recommend a reduction in the headline rate of corporation tax from 25%.

Manufacturing

Menzies

MARCH 14, 2023

Menzies LLP - A leading chartered accountancy firm. Corporation Tax FROM APRIL 2023: HEADLINE RATE OF CORPORATION TAX INCREASING FROM 19% TO 25% This will affect companies with profits of £250,000 and over. Instead, things are shifting in the wrong direction.

Government

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).

Tax

Menzies

JANUARY 29, 2024

Menzies LLP - A leading chartered accountancy firm. Likewise, if you add to this wages, payroll taxes, VAT, corporation tax payments, loan repayments, deposit movements and other overheads, the situation can become even more complicated. As sales dip after the festive season, maintaining cash flow becomes crucial.

Hospitality

Menzies

NOVEMBER 21, 2023

Menzies LLP - A leading chartered accountancy firm. Considering the taxes mentioned below plus ensuing Corporation tax and Stamp duty is also addressed accordingly. Lex-Situs Determination A clear definition for the basis of determining the location of Cryptoassets is required within the legislation.

chartered accountant

Menzies

AUGUST 21, 2024

Menzies LLP - A leading chartered accountancy firm. Further information has now been made available in respect of the abolition of the Furnished Holiday Lettings (FHL) tax regime that will take effect from April 2025. This is due to have effect from: 6 April 2025 for income tax and capital gains tax.

Tax

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.

corporation tax

Menzies

MAY 22, 2024

Menzies LLP - A leading chartered accountancy firm. HMRC have an ongoing campaign to tackle non-compliance connected with offshore corporate entities owning UK property, and we are seeing an increase in this activity in 2024. What is ATED?

chartered accountant

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.

Transportation

Menzies

FEBRUARY 15, 2023

Menzies LLP - A leading chartered accountancy firm. The stamp duty land tax (SDLT) surcharge for overseas buyers of residential property was introduced on the 6th April 2021. For the purposes of determining control, the rights of associates are added together.

chartered accountant

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

Menzies

MARCH 1, 2023

Menzies LLP - A leading chartered accountancy firm. To alleviate such a potential issue, consider withholding the tax payable rather than leaving individual partners to do it. Limited companies could be required to make quarterly instalment payments (QIPS) of corporation tax which should be considered.

chartered accountant

Menzies

FEBRUARY 13, 2024

Menzies LLP - A leading chartered accountancy firm. Corporation Tax A reduction in the headline rate of corporation tax to support UK business in a challenging economic climate. What could we expect to see from the Spring Budget 2024?

Manufacturing

Menzies

JULY 9, 2024

Menzies LLP - A leading chartered accountancy firm. The UK electorate may have voted for a change in government, but underpinning the Labour manifesto is a strong emphasis on stability. Labour expect a push towards cleaner power to create good, well-paid jobs across the UK.

Manufacturing

Menzies

JUNE 26, 2024

Menzies LLP - A leading chartered accountancy firm. AREAS APPEARING TO REMAIN CONSISTENT Although tax cuts for businesses would be welcomed, it appears as though the main rate of corporation tax will likely continue at 25% so businesses for the foreseeable future which will have some consistency in estimating future tax charges.

Hospitality

Menzies

JUNE 26, 2024

Menzies LLP - A leading chartered accountancy firm. AREAS APPEARING TO REMAIN CONSISTENT Although tax cuts for businesses would be welcomed, it appears as though the main rate of corporation tax will likely continue at 25% so businesses for the foreseeable future which will have some consistency in estimating future tax charges.

Hospitality

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’.

corporation tax

Menzies

JUNE 26, 2024

Menzies LLP - A leading chartered accountancy firm. A commitment to capping the Corporation Tax rate at 25% and the full expensing regime is welcome and allows businesses to plan accordingly. What is the Labour party proposing?

Transportation

Menzies

FEBRUARY 16, 2023

Menzies LLP - A leading chartered accountancy firm. With significant announcements usually reserved for the autumn budget, we are not expecting huge tax increases in the spring budget but nor are we expecting any tax cuts either.

Technology

Menzies

SEPTEMBER 19, 2024

Menzies LLP - A leading chartered accountancy firm. However, the 2022/23 tax gap figures that have recently been published overwhelmingly demonstrate that it’s small businesses that account for the majority of the tax gap at 60% (approximately £24 billion) of lost tax in 2022/23.

Technology

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. They are subject to normal corporation tax rules subject to some modifications.

Non-Profits

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.

chartered accountant

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

Tax

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

Menzies

FEBRUARY 27, 2023

Menzies LLP - A leading chartered accountancy firm. The DDS can be used to disclose underpayments of income tax, capital gains tax, inheritance tax, corporation tax, national insurance (NIC) and the annual tax for enveloped dwellings (ATED). When can the digital disclosure service be used?

chartered accountant

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

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. For example, consider a company that has a corporation tax liability of £1 million for the 12-month period ending on 31 March 2024.

corporation tax

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. depending on your tax rate from 1 April 2023).

Tax