Finance Directors’ Tax Toolkit

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.

Not only can we prepare and submit your corporation tax returns, we can also assist with your tax accounting by preparing current and deferred tax provisions together with the supporting notes to the accounts under UK GAAP and IFRS.

We also offer an IXBRL accounts tagging service which can either form part of our overall tax compliance offering, or can be provided as a stand-alone service.

Tax reporting and governance

Large companies and groups may have additional UK tax accountability and reporting requirements such as appointing a Senior Accounting Officer (SAO), Tax Strategy Reporting and annual Country-By-Country Reporting (CBCR).

We can guide you through these reporting requirements and explain how these regulations will apply to your company.

Transfer pricing

Transfer pricing is not only a tax compliance requirement. Proper analysis can also provide commercial and tax benefits to the group. Most major trading nations have complex documentation requirements and penalties for non-compliance. UK CBCR also requires transfer pricing transparency, so being able to justify intra-group pricing is of growing importance.

We can work with you to understand your inter-group transactions and to develop a transfer pricing strategy and documentation that is suitable for implementation across your group.

Valuations

Valuations for tax purposes may be required for a wide range of transactions including; acquisitions, investments, business reorganisations, or to place a value on your business goodwill, brand or management incentives.

We have a dedicated valuations team who can work with you to provide robust valuations and impairment reviews, providing expert opinions or obtaining clearance from HMRC as appropriate.

VAT

VAT is a notoriously complex area to understand. Our specialists can help to manage and mitigate your VAT liabilities as well as identify opportunities for cash savings.

We can carry out a ‘VAT health check’ to make sure your systems are compliant and can offer more bespoke advice such as partial exemption or special methods.

Payroll and HR

There can be significant benefits from outsourcing your payroll. Experts from within Menzies combine years of experience and specialist knowledge with the latest technology and a flexible approach. From online communications with HMRC to the latest ‘green’ e-payslips, we will work with you to deliver the services you need in a way that complements your business.

Our solution also includes integrated HR software and consultancy services, so all your payroll and HR needs are brought together in one place.

Tax efficient remuneration

If you are looking for tax efficient ways to reward your employees, why not ask us for advice? We can provide a range of solutions including employee share schemes and flexible remuneration packages.

Internationally mobile employees

Menzies also offer services to employers with employees working around the world. The tax position for internationally mobile employees can be complex and we can help to take the stress of this compliance burden away from employers and their employees.

Some of the areas on which we can offer help include; advising on the employer’s tax and social security obligations, preparing tax equalisation calculations, sourcing overseas tax advice and assistance with registering and completing tax returns.

We can also carry out a ‘PAYE health check’ to ensure your systems are compliant and to mitigate your risk of HMRC visits.

R&D and Patent Box

Government-backed innovation reliefs and incentives such as Research and Development (R&D) and Patent Box can provide UK businesses of all sizes with significant cash savings and incentives to fund further innovative activities.

Our specialist R&D team have prepared claims across a wide range of sectors and would be happy to carry out an initial review of the potential tax savings that could be achieved from an R&D and / or Patent Box claim.

Grants

Our specialists can help you to identify what grant funding may be available to your business, whether established or a ‘start-up’. We can then work with you to help secure the funding. This process can often be complex but our experts can manage this process for you from start to finish.

International services

In today’s business environment, access to international services are essential to all but a few.

To help service this growing need, Menzies is an active member of HLB International, a leading global network of independent professional accounting firms and business advisers with member firms in 130 countries worldwide.

The global connectivity that we are able to provide through HLB International enables us to support you on a worldwide basis so that you have the full picture when conducting business on the international stage.

We are constantly involved in undertaking international work, and provide a responsive and comprehensive international service offering, to ensure that you have the necessary support to deal with the international challenges that your business faces.