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%.

Manufacturing

Menzies

MARCH 1, 2023

Menzies LLP - A leading chartered accountancy firm. Profits can be left in the company within retained earnings or distributed to the shareholders via dividends, governed by the rights attached to the shares of each shareholder. Shareholders wishing to receive a salary will be subject to income tax just as those in an LLP.

corporation tax

Menzies

FEBRUARY 16, 2023

Menzies LLP - A leading chartered accountancy firm. With significant announcements usually reserved for the autumn budget, we are not expecting huge tax increases in the spring budget but nor are we expecting any tax cuts either. New tech The government closed the Help To Grow: Digital scheme in February 2023.

Technology

Menzies

JULY 9, 2024

Menzies LLP - A leading chartered accountancy firm. The UK electorate may have voted for a change in government, but underpinning the Labour manifesto is a strong emphasis on stability. Labour expect a push towards cleaner power to create good, well-paid jobs across the UK.

Manufacturing

Menzies

JUNE 26, 2024

Menzies LLP - A leading chartered accountancy firm. A commitment to capping the Corporation Tax rate at 25% and the full expensing regime is welcome and allows businesses to plan accordingly. What is the Labour party proposing? What is the Conservative party proposing? What do T&L companies want to see?

Transportation

Menzies

SEPTEMBER 19, 2024

Menzies LLP - A leading chartered accountancy firm. Business Asset Disposal Relief is popular for entrepreneurs as this currently allows capital gains on disposal of business assets to be taxed at a low rate of 10%. The Government could remove the lifetime allowance for the relief of £1 million, or cut the relief altogether.

Technology

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. per £100 of spending to £46.50.

Tax

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.

Tax

Menzies

FEBRUARY 13, 2024

Menzies LLP - A leading chartered accountancy firm. Corporation Tax A reduction in the headline rate of corporation tax to support UK business in a challenging economic climate. What could we expect to see from the Spring Budget 2024?

Manufacturing

Menzies

NOVEMBER 27, 2023

Menzies LLP - A leading chartered accountancy firm. The guidelines governing capital allowances underwent a revision this April, following the termination of the super-deduction scheme. Much like its predecessor, full expensing is a form of first year allowance.

Technology

Menzies

JUNE 26, 2024

Menzies LLP - A leading chartered accountancy firm. Conservatives The conservative party proposes a cut to national insurance contributions by 2% and to abolish national insurance for self-employed individuals by the end of the next Government.

Hospitality

Menzies

JUNE 26, 2024

Menzies LLP - A leading chartered accountancy firm. Conservatives The conservative party proposes a cut to national insurance contributions by 2% and to abolish national insurance for self-employed individuals by the end of the next Government.

Hospitality

Menzies

JULY 29, 2024

Menzies LLP - A leading chartered accountancy firm. CICs have provisions in their governing document putting a limit on the distribution of profits or payment of salaries or distribution of assets on a winding up. They do not have any special tax reliefs and will pay tax on their profits like “normal” limited companies.

Non-Profits

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.

Finance

Menzies

AUGUST 9, 2022

Menzies LLP - A leading chartered accountancy firm. While this appears to be a fast, immediate solution, there could be further reemployment issues and unintended tax ramifications because of an overreliance on overseas remote workers. Support available from the Government. R&D Tax Relief.

E-commerce

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.

Tax

Menzies

MAY 12, 2022

Menzies LLP - A leading chartered accountancy firm. The Government’s decision to subsidise the development of 1,500 hectares of brownfield land for the creation of 160,000 new homes provides developers with increased motivation to examine the opportunities available in undertaking projects of this nature. Development Plans.

Tax

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?

payroll

Menzies

MAY 22, 2025

Menzies LLP - A leading chartered accountancy firm. These proposals sit alongside the governments proposal to reform UK law in relation to transfer pricing, permanent establishment (PE), and Diverted Profits Tax. HMRC launched a consultation on transfer pricing documentation and its scope on 28 April 2025.

Non-Profits

Menzies

MARCH 27, 2025

Menzies LLP - A leading chartered accountancy firm. Tax changes still stand As anticipated, the government did not reverse key tax measures introduced in the Autumn Budget, including the upcoming NIC increase and the reduction in business relief on inheritance tax.

Manufacturing