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). Once you are happy please complete the process.

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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. 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

AUGUST 17, 2022

Menzies LLP - A leading chartered accountancy firm. Tax restrictions. The move to this business structure was mainly due to changes to tax that restricted the total tax relief that individual landlords could claim on the financing costs of their residential properties. Incorporating and Taxes.

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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. As always, if you are unsure then we recommend that you consult a tax advisor. Why this is relevant to UK tax?

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Menzies

MARCH 1, 2023

Menzies LLP - A leading chartered accountancy firm. Tax efficient rewards for surveyors and other employees As well as the above considerations, there are still many other ways in which it is possible to reward staff, at least in part, in a tax efficient way.

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