PYMNTS

MARCH 30, 2020

“The main problem will be, as ever in construction, whether this goes through the supply chain to the subcontractors, and the subcontractors of those subcontractors,” he said. “These are the firms that are most vulnerable at the moment and the ones most reliant on cash flow.”

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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. The winners had to be accounting students at New Jersey colleges or universities who are currently in their junior year or in their senior year and entering an accounting-related graduate program.

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Reckon

APRIL 6, 2024

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.

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Menzies

SEPTEMBER 24, 2024

Menzies LLP - A leading chartered accountancy firm. The UK Government department Defra (Department for Environment, Food & Rural Affairs) has announced that new UK Extended producer responsibility (EPR) for packaging rules for all obligated UK organisations that import or supply packaging. What data needs to be collected?

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Menzies

MARCH 6, 2024

Menzies LLP - A leading chartered accountancy firm. Whilst he has not reduced the main rates of CGT, the higher rate of residential property CGT is reducing from 28% to 24%. This is to incentivise SMEs to grow their businesses but has the Chancellor gone far enough with just a £5k increase?

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Menzies

JUNE 6, 2022

Menzies LLP - A leading chartered accountancy firm. Increasing main pool and special rate allowances from 18% and 6% to (for example) 20% and 8%. Introducing a first-year allowance for main pool and special rate pool of (for example) 40% and 13%.

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Menzies

SEPTEMBER 6, 2024

Menzies LLP - A leading chartered accountancy firm. Accounting systems The COFA should review, on an annual basis, the accounting systems for compliance and ensure they are appropriate, up to date, documented and available to all members of the team. Consider booking yourself on a training course.

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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. 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.

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Menzies

AUGUST 21, 2024

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 United Kingdom has long been a hub for manufacturing, with a rich history of industry and innovation.

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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

JULY 26, 2023

Menzies LLP - A leading chartered accountancy firm. If you use Xero for your bookkeeping and accounts, you may have noticed at the top of the report pages a note stating that “It’s time to change to the new version of this report”. you won’t be able to access this for your July reporting onwards.

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Menzies

JUNE 26, 2024

Menzies LLP - A leading chartered accountancy firm. With the UK General Election taking place in just a matter of weeks on 4 July 2024 and the leading parties having released their manifestos, we have summarised below some of the main policy promises that would impact the Hospitality & Leisure sector.

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Menzies

JUNE 26, 2024

Menzies LLP - A leading chartered accountancy firm. With the UK General Election taking place in just a matter of weeks on 4 July 2024 and the leading parties having released their manifestos, we have summarised below some of the main policy promises that would impact the Hospitality & Leisure sector.

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Menzies

DECEMBER 6, 2023

Menzies LLP - A leading chartered accountancy firm. This means that these entities can provide less information in their financial statements, while still complying with accounting standards. Additionally, they must disclose the name of the parent company who is preparing the consolidated accounts that include the subsidiary.

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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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Menzies

OCTOBER 21, 2022

Menzies LLP - A leading chartered accountancy firm. What’s in the Main pool? Main pool capital allowances offer tax relief for items that are moveable or classed as ‘plant and machinery’ including furniture, computers, and televisions. Claims made after this will have a greatly decreased return.

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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.

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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. However, by understanding and correctly applying the relevant tax reliefs, it is possible to significantly reduce the amount of SDLT that needs to be paid.

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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.

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Menzies

AUGUST 8, 2023

Menzies LLP - A leading chartered accountancy firm. 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. What is happening? HMRC have introduced new rules for the submission of R&D tax relief claims.

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Menzies

JULY 29, 2024

Menzies LLP - A leading chartered accountancy firm. To help, we have prepared a summary of the various vehicles that can be used, and their main features. Accounts will be similar to those for normal limited companies. This makes it difficult to know which is the most appropriate structure to use.

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Menzies

FEBRUARY 11, 2023

Menzies LLP - A leading chartered accountancy firm. Following an introduction to Caroline Milton, Menzies International Manufacturing specialist, PT Plastics outlined their objectives and the challenges they believed they may face by expanding into the UK market with the main issue surrounding the financing of their projected growth.

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Menzies

JUNE 26, 2024

Menzies LLP - A leading chartered accountancy firm. There are no strong divergences between the two main parties when it comes to individual tax. Labour has ‘no plans’ to increase taxes, whilst the Conservatives want to cut taxes in some areas (National Insurance contributions, CGT for landlords).

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Menzies

DECEMBER 7, 2022

Menzies LLP - A leading chartered accountancy firm. This article is a brief explainer of Loan-based crowdfunding firms and when they are covered by CASS 7. Essentially, CASS 7.10.7A notes that Loan-based crowdfunding firms that operate an electronic system in relation to P2P agreements are required to apply CASS 7. P2P = Peer-to-Peer.

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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. A charity can instead choose to measure such properties at cost less depreciation (and impairment) as it was before FRS102 and as it will be in group accounts.

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Menzies

NOVEMBER 27, 2023

Menzies LLP - A leading chartered accountancy firm. Under the full expensing scheme, businesses are eligible to receive an immediate tax deduction of 50% or 100% for special rate and main rate purchases respectively, for new qualifying expenses during the year of purchase.

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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

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.

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Menzies

JULY 14, 2023

Menzies LLP - A leading chartered accountancy firm. Two of the main knowledge sharing initiatives which HMRC has been an active participant in over recent years includes the OECD led Common Reporting Standard (CRS) and J5.

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Menzies

AUGUST 17, 2023

Menzies LLP - A leading chartered accountancy firm. Principal private residence relief Generally speaking, where a property is your main residence throughout the whole period of ownership any gain made will be exempt due to principal private residence relief.

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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.

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Menzies

MARCH 22, 2023

Menzies LLP - A leading chartered accountancy firm. Depending on the circumstances this may defer the tax relief available into the next accounting period.

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Menzies

JANUARY 18, 2023

Menzies LLP - A leading chartered accountancy firm. Though there are 13 main sections to the sourcebook , we will summarise three of the CASS rules here, the ones that are most likely to have an impact on the procedures of the business. b) Segregation of client money in client bank accounts. What are we talking about?

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Menzies

FEBRUARY 13, 2023

Menzies LLP - A leading chartered accountancy firm. Instead of employing specialists to prepare their accounts and make sure all their documentation is in order, some businesses are attempting to do it themselves. Blog How will the new accounting standards impact construction companies? read more What is IFRS 16?

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Menzies

MAY 19, 2023

Menzies LLP - A leading chartered accountancy firm. Take advantage of long-term and short-term planning techniques One of the main ways that business owners can construct a more durable business structure and enhance its agility is by taking advantage of both long-term and short-term planning techniques.

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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. Whilst an annual set of accounts will show 12 months of trade, a balance sheet is a snapshot at a point in time. What time of year do I make the most profit?

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Menzies

APRIL 5, 2023

Menzies LLP - A leading chartered accountancy firm. As we settle into the first quarter of 2023 businesses are feeling the pressure, and some owner managers may have to face a cashflow crisis.

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