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

OCTOBER 27, 2023

Menzies LLP - A leading chartered accountancy firm. If you earn Esports income from activities such as streaming, sponsorship, or tournament winnings, did you know you may need to declare this to HMRC and you may have tax to pay? This facility exists specifically to help regularise your historic tax affairs.

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Going Concern

FEBRUARY 23, 2024

Top Remote Accounting Candidates: February 22, 2024 Law & Order Co-Owner of Media Brokerage Firm Sentenced for Filing False Tax Returns [ Department of Justice ] According to court documents and statements made in court, Susan K. million in related income that she and her husband had earned from 2012 through 2014.

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Menzies

MARCH 25, 2024

Menzies LLP - A leading chartered accountancy firm. If you don’t declare or don’t pay the tax you owe to HMRC, it’s likely you will receive significant penalties and in some cases be criminally prosecuted.

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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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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?

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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?

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Going Concern

FEBRUARY 9, 2024

Three of the firms also joined industry efforts to designate accounting as a science, technology, engineering, and math—or STEM—field, according to federal lobbying disclosures. My buddy from undergrad works office security at one of the Big 4 accounting firms in Midtown.

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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?

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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. The tax return is due for filing by the 31st January following the end of the tax year.

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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

AUGUST 12, 2022

Menzies LLP - A leading chartered accountancy firm. The UK Government has tabled draft legislation setting out new transfer pricing documentation requirements that will affect the largest UK businesses. ” Are your transfer pricing policies up to date?

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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).

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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. In this scenario, only the proportion relating to the business use can be claimed as an allowable expense.

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Reckon

APRIL 6, 2024

An accountant goes further and creates insights and deeper recommendations and analysis based on this data. They also provide tax advice, undertake compliance work, produce financial statements and income tax returns. If you feel you need richer advice, you may wish to consult an accountant.

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Going Concern

FEBRUARY 16, 2024

The Conflict Surrounding Work-Life Balance in Public Accounting Firms [ CPA Journal ] For years, the public accounting sector has been characterized by high employee turnover. In the past few decades, public accounting firms have implemented work-life balance practices as part of their attempts to curb excessive turnover.

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Menzies

FEBRUARY 3, 2023

Menzies LLP - A leading chartered accountancy firm. Your tax returns will be due by 31 January following the end of the tax year. How to register and file your self assessment tax return with HMRC. Set up a separate business bank account. Set aside money to make the tax payment.

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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

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

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. What could go wrong?

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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. Announced on 9 May 2022, the UK government is considering reforms to help with enterprise and growth.

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Menzies

JANUARY 10, 2024

Menzies LLP - A leading chartered accountancy firm. The tax calculations can potentially go back up to 20 years depending on the circumstances. In January 2023 we wrote about how HMRC had started to target taxpayers who they suspected may have an undisclosed income from their online trading.

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Going Concern

JANUARY 20, 2023

Practice Management How firms use stay interviews to boost retention [ Journal of Accountancy ] Job interviews have long been an essential part of the hiring process. But now, some public accounting firms are turning the lens on themselves.

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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 counts as a taxable event?

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Menzies

JANUARY 19, 2023

Menzies LLP - A leading chartered accountancy firm. The tax calculations can potentially go back up to 20 years depending on the circumstances. Commencing on 16 January 2023, HMRC has started to issue letters to taxpayers who they believe have undisclosed income from their online trading activities.

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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. What’s useful to know?

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Menzies

NOVEMBER 27, 2023

Menzies LLP - A leading chartered accountancy firm. Understanding the differences between the available allowances is crucial for enhancing tax savings and bolstering cash flow, particularly in the early stages of a tech enterprise, where capital investments may be significant.

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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.

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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

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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Going Concern

MARCH 25, 2022

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 Akazoo fired its CEO and saw its stock price tumble shortly thereafter, and investors have now filed a $40 million lawsuit against the accounting firm that audited the defunct company’s financials.

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Going Concern

AUGUST 25, 2023

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. The accounting industry is in a state of transition. The influx of private equity, labor shortages, and remote/hybrid work have all impacted accounting firms to varying degrees.

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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.

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Menzies

MARCH 6, 2023

Menzies LLP - A leading chartered accountancy firm. All sales made by the executors in the 3 years following the date of death are aggregated together and if this results in a loss, the figures can be substituted into the inheritance tax return.

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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 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.

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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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