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What If you can’t pay your self assessment income tax bill on time

Menzies

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). You will then be brought to the page shown (left).

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Technology: Spring Budget 2024 Predictions & Wishlist

Menzies

Menzies LLP - A leading chartered accountancy firm. Tax rates With income tax thresholds still frozen there have been rumours of a 2% cut to the income tax rate, however the Chancellor has downplayed these rumours so we are not expecting to see any dramatic changes to income tax this time around.

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IR35 – where are we now?

Menzies

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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Limited liability partnership vs Limited company comparison

Menzies

Menzies LLP - A leading chartered accountancy firm. The LLP and each member must file self-assessment returns annually (see tax below). 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.

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ISAs & Pensions Compared

Menzies

Menzies LLP - A leading chartered accountancy firm. Pensions and ISAs both offer tax advantages and form the foundation of any investment planning. The benefits of both types of investment increase as an individual’s marginal rates of tax rise. Other eligibility and access restrictions also apply. Conclusion.

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Cryptoasset Reporting 2024: What do cryptoasset investors need to know?

Menzies

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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Dear Graduate… Don’t let your next steps be taxing!

Menzies

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. Making Tax Digital (MTD).

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