Menzies

NOVEMBER 9, 2023

Menzies LLP - A leading chartered accountancy firm. Tax Major tax changes are unlikely. Buy to let After changes to the buy to let interest relief were bought in many landlords have chosen to start limited company so they are paying close attention to the rate of corporation tax.

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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. depending on your tax rate from 1 April 2023).

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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

MARCH 1, 2023

Menzies LLP - A leading chartered accountancy firm. The LLP and each member must file self-assessment returns annually (see tax below). Tax An LLP is not liable to tax, with partners taxed as individuals. Shareholders wishing to receive a salary will be subject to income tax just as those in an LLP.

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Menzies

MARCH 1, 2023

Menzies LLP - A leading chartered accountancy firm. This can be particularly challenging in an LLP, as tax is paid by the members on the profits made, but then they may need to leave cash in the business. Dividends are usually preferential to salary from a personal tax perspective (see R&D below).

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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. As a result, potentially seeing significant tax savings. Who Is Eligible to Claim the Allowance?

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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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