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Ujjwal Ahluwalia (Montana), a graduate of University of Delhi with a Bachelor of Commerce (Honors), and a CharteredAccountant from The Institute of CharteredAccountants of India, is employed with American Express in Gurugram, India. accounting and finance industry.
Business Insider wrote up a PCAOB report that discusses culture at the top six firms: Accountingfirms have been making more errors, but bosses are split on whether remote work is to blame 64% of respondents said that improving work-life balance for firm personnel improves audit quality. Remember this?
Menzies LLP - A leading charteredaccountancyfirm. The Chancellor has announced several policy changes and tax increases that will impact retail. Implementing a modest tax on e-commerce could have facilitated more robust assistance for Business Rates, allowing the retention of the 75% relief.
Menzies LLP - A leading charteredaccountancyfirm. Exampl e The tax impact is shown as below where the full 50% first year allowance is available: Solar panels cost 60,000 50% super-deduction (30,000) Total relief/tax deduction 30,000 In the above example, 6% of the remaining amount (i.e.,
Menzies LLP - A leading charteredaccountancyfirm. The trading allowance is a tax-free allowance of up to 1,000 per year for any trading or casual income sources. For example: Jessie did some handy work for her neighbours and in exchange received a total of 600 in the 2024/25 tax year. See Arnolds example above.
Menzies LLP - A leading charteredaccountancyfirm. Tax reliefs for the UK’s world-leading creative industries, which will provide £15 billion of support over the next 5 years. A key theme of today’s budget was “Invest, Invest, Invest!” with the intention of driving economic growth.
Payroll and tax expert Beth Jackson is not only one half of 2 Sisters Accounting, but a new business specialist, who has worked with hundreds of small businesses. What motivated you to start 2 Sisters Accounting? What do you see as key trends accountants in the coming year? How did you get into the profession?
Menzies LLP - A leading charteredaccountancyfirm. New Tax Rules for Larger Farms The changes introduced mean that agricultural relief allowing land or pasture to be used to grow crops, or to rear animals, will be scrapped for farms worth more than 1m.
Menzies LLP - A leading charteredaccountancyfirm. The policy move is designed to close the ‘tax gap’ but this will take time to have an impact ‘on the ground’ as it can take several years before an HMRC compliance officer completes their training. This is expected to cost £1.4 billion by 2029/30.
Menzies LLP - A leading charteredaccountancyfirm. Rise in Capital Gains Tax However, the rise in Capital Gains Tax, along with upcoming changes to Business Asset Disposal Relief, has raised concerns among the many owner-managed and family-run businesses within the sector.
Menzies LLP - A leading charteredaccountancyfirm. Schools, their representative bodies and tax advisors are invited to contact HRMC by email at vatonprivateschoolfees@hmrc.gov.uk VAT returns have to be submitted by way of Making Tax Digital compliant software. Is there an HMRC helpline for schools?
Menzies LLP - A leading charteredaccountancyfirm. With the cost of living going up and businesses feeling the pinch, it is more important than ever for tax relief to be maximised where possible. One area that can sometimes be overlooked is capital allowances which provide tax relief on capital investment.
Menzies LLP - A leading charteredaccountancyfirm. HMRC launched a new one-to-many campaign on 15 January 2025 specifically targeting delivery drivers who HMRC believe have failed to deliver a tax return disclosing their income. Read on to find out how to address your past and present UK tax obligations.
Menzies LLP - A leading charteredaccountancyfirm. As the government seeks to finance its ambitious social welfare programs and public sector salaries, care homes may be subjected to higher business taxes and payroll taxes.
Menzies LLP - A leading charteredaccountancyfirm. In this podcast, Menzies look at the Autumn Budget Breakdown 2024, with speakers Jonathan Bass, Partner, Business Recovery, Matt Watkins, Tax Disputes & Disclosures Director, Helen Cuthbert, Partner, Private Client and Stephen Hemmings, Partner, Business Tax.
Max 60 tax audits per partner likely: ICAI [ The Economic Times ] A partner of an accountingfirm will be allowed to take up a maximum of 60 tax audits in a year from FY27, Institute of CharteredAccountants of India (ICAI) president Charanjot Singh Nanda said. appeared first on Going Concern.
Menzies LLP - A leading charteredaccountancyfirm. One tax rise that Rachel Reeves did warn us of in advance of the budget was an increase in the employer Class 1 national insurance contributions rate. We have used the expected national insurance rates and tax thresholds due to come into effect from April 2025.
Menzies LLP - A leading charteredaccountancyfirm. Menzies were approached by Touchlight to support the company with a broad range of accounting and tax services. The nature of Touchlight’s business means they have to constantly fund development and achieving the most efficient tax outcomes is of great importance.
Menzies LLP - A leading charteredaccountancyfirm. Partners and colleagues across our tax and advisory teams have been helping clients prepare for these changes. So why is a forensic accountant commenting? First up was Labours manifesto promise of not increasing taxes on working people. Remember that?
Menzies LLP - A leading charteredaccountancyfirm. An increase to capital gains tax? In their manifesto Labour promised not to raise income taxes, so we can reasonably expect the Government will be targeting other taxes in order to help raise funds to cover the so-called £20bn ‘black hole’.
Menzies LLP - A leading charteredaccountancyfirm. However, this change brings new challenges, especially around UK tax and social insurance compliance and regulations. However, this change brings new challenges, especially around UK tax and social insurance compliance and regulations.
Menzies LLP - A leading charteredaccountancyfirm. In May 2025 The First Tier Tribunal (“FTT”) released a new Practice Statement regarding the use of Alternative Dispute Resolution (“ADR”) in Tax Disputes. ADR has returned to the forefront of HMRC’s attention following the FTTs release of an updated Practice Statement.
Menzies LLP - A leading charteredaccountancyfirm. The Autumn Budget 2024’s increase in Employers’ National Insurance to 15% presents a significant cost burden for law firms across all structures, potentially affecting hiring and salary strategies.
Menzies LLP - A leading charteredaccountancyfirm. Effective from 6 April 2025, these changes represent a substantial departure from the previous regime and significantly alter the UK tax landscape for affected families and trustees. It is critical that such exclusions extend to the settlor’s spouse and minor children.
Menzies LLP - A leading charteredaccountancyfirm. From the 2026/27 tax year HMRC are requiring certain individuals to maintain digital records and submit quarterly returns. You must register for Making Tax Digital (MTD) if: You are registered for Self-Assessment. Are you required to register for MTD?
Menzies LLP - A leading charteredaccountancyfirm. From January 2026, UK cryptoasset users will enter a new era of tax transparency. The new reporting rules aim to tackle tax non-compliance, close the tax gap, and help fund vital public services. What’s changing ?
Menzies LLP - A leading charteredaccountancyfirm. No increase in taxes on ‘working people’ As promised, the Chancellor did not raise ‘taxes for working people’, i.e. income tax and employee’s National Insurance. Nor has the Chancellor increased VAT. for all employees in April 2025.
Menzies LLP - A leading charteredaccountancyfirm. In terms of VAT, shipping lines should be careful with regards to which entity is the recipient of the services and is entitled to input tax deduction. These are set out below in broad terms, but formal advice should always be taken.
Menzies LLP - A leading charteredaccountancyfirm. In future years, if the proportion of taxable use changes, the VAT recovery is adjusted accordingly: If taxable use increases to 75% in the second year, an additional £2,500 of input tax can be reclaimed.
Menzies LLP - A leading charteredaccountancyfirm. Occasionally, no matter how well you think you might have planned, a tax bill can come as an unexpected surprise. Time to pay arrangements If you cannot pay your tax bill in full, you might be able to agree with HMRC to pay it in instalments.
Menzies LLP - A leading charteredaccountancyfirm. The HMRC brief states that they consider these structures to be a form of tax avoidance and will take steps to prevent any further VAT group registrations and also review and disband existing arrangements. The structure generally makes use of a VAT group registration.
Menzies LLP - A leading charteredaccountancyfirm. Bank reconciliation, balance sheet checks) Accounting/reporting (e.g A finance manual is a comprehensive file that documents a business’ internal financial processes and policies. Who is eligible, assigning a credit card, reconciliation) Purchasing (e.g
Menzies LLP - A leading charteredaccountancyfirm. FAQs Business and Agricultural Property Relief Changes On 30 October, we saw perhaps the most hyped budget of a decade (or so) in terms of the significance of the changes made, particularly in the realm of Inheritance Tax (IHT).
Menzies LLP - A leading charteredaccountancyfirm. Tax Advice Evaluate capital gains tax, VAT, and corporation tax implications. Consider tax-efficient structuring of sale and lease payments. Address any differences between tax treatment and accounting treatment of the transaction.
Menzies LLP - A leading charteredaccountancyfirm. However, tax arrears are increasingly contributing to insolvency, with HMRC intensifying efforts to recover unpaid liabilities from distressed businesses. As UK insolvencies remain high in early 2025, credit managers face an increasingly complex economic landscape.
Menzies LLP - A leading charteredaccountancyfirm. The autumn budget, delivered on 30 October 2024, proposed a number of significant inheritance tax changes which are set to come into force over the next couple of years. 67% effective tax rate? This article focuses on the specific changes with regard to pensions.
Menzies LLP - A leading charteredaccountancyfirm. In order to protect the UK tax base and given a significant number of medium sized enterprises in the UK, the government is proposing to remove the medium-sized enterprise exemption (whilst the exemption for small enterprises will be retained).
Menzies LLP - A leading charteredaccountancyfirm. ESS is a form of tax fraud and individuals who make ESS systems; use or promote them are all considered to be involved in the fraud. What is ESS? Electronic Sales Suppression (ESS) is more widely known as till fraud.
Menzies LLP - A leading charteredaccountancyfirm. They are already in legislation and include the offences of false representation, failure to disclose information, fraudulent trading, false accounting, and tax evasion. Much has been written about Section 199 of the Economic Crime and Corporate Transparency Act.
Menzies LLP - A leading charteredaccountancyfirm. From April 2026, significant changes to the way Benefits in Kind (BiKs) are reported and taxed will come into effect. This measure aims to minimize the administrative burden for employers and HMRC, simplifying the process of reporting and the payment of tax.
Menzies LLP - A leading charteredaccountancyfirm. Beyond this we have expertise within Menzies who can assist you with business operations, tax compliance, financial management and more. The answer is yes. Despite inflation, cost of living concerns, and evolving buying habits, UK shoppers are still spending online.
Menzies LLP - A leading charteredaccountancyfirm. The Chancellor has committed to one major fiscal event a year in order to give families and businesses stability and certainty on upcoming tax and spending changes and, in turn, to support the governments growth mission.
However, thanks to a group of ex-officials from the Treasury and the Justice Departments Tax Division, things are looking a bit brighter. As noted by Bloomberg Law, the group composed of lawyer representing law firms, accountingfirms, nonprofits, and private companies has stepped in to assist attorneys and law students find jobs.
Menzies LLP - A leading charteredaccountancyfirm. There are many tax reliefs available that can minimise tax exposure and ease cash flow. This mechanism helps reduce immediate tax exposure and improves cash flow, in particular allowing hotels to reinvest in their operations and maintain competitiveness.
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