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). Congratulations!

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Menzies

APRIL 18, 2024

Menzies LLP - A leading chartered accountancy firm. The rules exist to ensure that in circumstances where a worker or contractor meets the definition of an employee, that worker pays broadly the same income tax and National Insurance contributions to that of a PAYE employee. What is IR35?

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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.

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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.

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Menzies

AUGUST 17, 2022

Menzies LLP - A leading chartered accountancy firm. For instance, it can be more tax efficient to manage a portfolio of property within a corporate structure, especially if the landlord intends to leave profits in the business for reinvestment. Is now the best time to incorporate? Limited liability status.

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Menzies

MAY 7, 2024

Menzies LLP - A leading chartered accountancy firm. The distinction between capital and revenue expenditure for tax purposes can be difficult to make. where a tennis court was constructed but later demolished to make way for a swimming pool. Overview Article written by Daniela Moss and Rutvik Patel, Menzies.

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Menzies

MARCH 1, 2023

Menzies LLP - A leading chartered accountancy firm. For the employer, no tax liabilities are triggered and there is tax relief on the difference between the market value of the share at exercise and the option price paid.

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