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. You may need to seek guidance from your accountant or tax advisor on which expenses can be deducted.

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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

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? First things first – don’t panic. So what do I do now?

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Menzies

MAY 24, 2024

Menzies LLP - A leading chartered accountancy firm. With the estimated tax fraud in R&D at £1.05 HMRC began with a ‘volume compliance’ approach to opening enquiries, which has been largely criticised by agents and the CIOT as the result has been that many valid claims have been rejected or removed from tax returns by HMRC.

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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.

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Menzies

JANUARY 20, 2023

Menzies LLP - A leading chartered accountancy firm. We’re devised this ‘Finance Directors’ tax toolkit’ to highlight the ways in which Menzies often help large and multinational companies including business tax, employment solutions and innovation incentives (e.g.

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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?

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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.

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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. Making Tax Digital (MTD).

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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. What’s in the Main pool? Structural and Building Allowance.

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Menzies

APRIL 4, 2024

Menzies LLP - A leading chartered accountancy firm. Your holding will be classed as a capital asset and any gains or losses realised on disposal will be subject to Capital Gains Tax. It is important to understand the value of your holding to anticipate any future tax liabilities or take advantage of losses.

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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.

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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).

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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

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.

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Going Concern

FEBRUARY 9, 2024

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default. My buddy from undergrad works office security at one of the Big 4 accounting firms in Midtown.

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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? What might we expect?

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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? What might we expect?

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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

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

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

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. not commercial) property. What could go wrong? But will HMRC ever find out?

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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

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). Senior Tax Manager. Emma McCartney.

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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

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. This arrangement is only provisional until the relevant certificate is received.

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Menzies

JANUARY 19, 2023

Menzies LLP - A leading chartered accountancy firm. Whether someone has an UK tax obligation depends on a number of factors, and consideration needs to be given to the question of whether someone is “trading”. The certificates do not specify the tax year(s) which they relate to and do not set a de-minimis level.

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Mark Lee

MARCH 5, 2024

Do you ever struggle to make a lasting impression beyond the generic label of being ‘just another accountant’? The 3 Rs) ARE ACCOUNTANTS BORING? Non-accountants may see bookkeeping, accounts, finance and tax returns as boring activities. ARE ACCOUNTANTS ALL THE SAME? WHAT DO YOU DO?

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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. a notice issued to a taxpayer about their own tax affairs), or a Third-party notice (i.e.

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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.

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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

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. What Are HMRC’s 9 Badges Of Trade?

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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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Going Concern

NOVEMBER 18, 2022

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. US Audit Board Urged to Aid ESG Validation With Updated Rules [ Bloomberg Tax ].

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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.

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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.

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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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