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.

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Menzies

JANUARY 18, 2024

Menzies LLP - A leading chartered accountancy firm. When do I need to pay my corporation tax? Unless you are making high profits, most UK businesses pay their corporation tax 9 months and 1 day after their year-end. When does my cash position look the strongest?

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Menzies

AUGUST 31, 2023

Menzies LLP - A leading chartered accountancy firm. A loan made to a shareholder which is outstanding nine months after the company’s year end could leave the company liable for Corporation Tax at a rate of 33.75 Moreover, there could be effects on the individual’s personal tax position.

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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.

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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

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.

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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.

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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

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Menzies

MARCH 15, 2024

Menzies LLP - A leading chartered accountancy firm. The example is relatively simplistic, and we have ignored the corporation tax relief available but illustrates the tax benefits. At this point the value of the company has risen to £5m.

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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.

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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

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.

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Menzies

MARCH 1, 2023

Menzies LLP - A leading chartered accountancy firm. The company pays corporation tax on its taxable profits (25% for companies with profits of £250k or more, from 1 April 2023), with the net profit left in the company’s reserves. The shareholders are then taxed on the distribution of the proceeds.

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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’.

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Menzies

JANUARY 4, 2024

Menzies LLP - A leading chartered accountancy firm. The historical ability for non-residents to avoid UK tax on property sales and potentially benefit from reduced stamp duty has undergone significant changes.

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Menzies

SEPTEMBER 18, 2023

Menzies LLP - A leading chartered accountancy firm. Have you considered tax structuring and the impact of an acquisition to your existing tax regime (e.g. small to large company corporation tax regime)? However, before doing so, business owners need to consider a number of factors to ensure success.

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Menzies

SEPTEMBER 18, 2023

Menzies LLP - A leading chartered accountancy firm. Have you considered tax structuring and the impact of an acquisition to your existing tax regime (e.g. small to large company corporation tax regime)? However, before doing so, business owners need to consider a number of factors to ensure success.

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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).

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Menzies

MAY 11, 2023

Menzies LLP - A leading chartered accountancy firm. You have identified the new piece of equipment your business needs, it’s worth pausing to consider the best way to structure the purchase and tax can play an important role in the determining the best option for your business. –

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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.

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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.

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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.

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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.

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Menzies

DECEMBER 6, 2023

Menzies LLP - A leading chartered accountancy firm. For example, legal invoices might show intellectual property assets, that could’ve been leveraged using Patent Box Relief to reduce the client’s corporation tax liability. In other cases, the audit team might realise that they have missed a financial opportunity.

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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. The main reason is a lack of awareness.

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Menzies

MAY 19, 2023

Menzies LLP - A leading chartered accountancy firm. The UK tax system is designed in such way as to provide the taxpayer with important safeguards. To balance HMRC’s power to raise an assessment with protecting the taxpayer, specific time limits are imposed on HMRC to raise an assessment for a loss of tax.

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Menzies

JUNE 15, 2022

Menzies LLP - A leading chartered accountancy firm. Despite this growth in conducting cross-border transactions, the tax implications of such arrangements are all too often overlooked. As a consequence of more businesses trading internationally, there are an ever-growing array of cross-border transactions.

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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?

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Menzies

MAY 10, 2022

Menzies LLP - A leading chartered accountancy firm. The relief is only available to companies subject to corporation tax. Download our pdf version. Consider the checklist below to see if you qualify: FIVE STEP CHECKLIST. Are you a company?

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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. These powers are contained within Schedule 36 to Finance Act 2008.

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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? HMRC will be notified about the new company and instead you’ll need to submit company accounts and a corporation tax return annually.

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Menzies

MAY 12, 2022

Menzies LLP - A leading chartered accountancy firm. Land remediation relief provides corporation tax relief at the rate of 150 percent of qualifying costs incurred by developers on such projects. Land remediation relief.

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Menzies

AUGUST 9, 2022

Menzies LLP - A leading chartered accountancy firm. If a permanent establishment is created, then the business is likely to have increased reporting commitments and possibly be accountable for local sales and corporate taxes. Local taxes – Crouching taxes, hidden costs.

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Menzies

MARCH 6, 2023

Menzies LLP - A leading chartered accountancy firm. The levy payment is a deductible cost for corporation tax purposes. For businesses that pay the Apprenticeship Levy, the funds go into an account and the Government apply a 10% top up to these funds. WHAT happens to the APPRENTICESHIP LEVY paid?

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Menzies

MARCH 6, 2023

Menzies LLP - A leading chartered accountancy firm. As a long term structure, a FIC is tax efficient since the corporate tax rates are smaller than an individual. Note that these are the top rates of tax for an individual.

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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%.

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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.

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