Menzies

SEPTEMBER 2, 2022

Menzies LLP - A leading chartered accountancy firm. The government has extended the availability of 100% first year allowances on the acquisition of cars, zero-emissions goods vehicles and equipment. For more information on how you can make the most of tax relief on energy efficient vehicles, contact Donna Kenyon.

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Menzies

APRIL 12, 2024

Menzies LLP - A leading chartered accountancy firm. INVESTING IN INNOVATION The UK is the fourth most innovative country in the world, according to the latest Global Innovation Index, and the Government’s Industrial Strategy is aiming to increase spending on R&D by 2.4%

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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

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

JULY 29, 2023

Menzies LLP - A leading chartered accountancy firm. The Senior Accounting Officer (SAO) is a regime where large companies / groups are required to appoint an individual to act as their SAO and the SAO must certify each year whether there are “appropriate tax accounting arrangements” in place. What is the SAO?

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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. You may need to seek guidance from your accountant or tax advisor on which expenses can be deducted.

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Menzies

MARCH 11, 2024

Menzies LLP - A leading chartered accountancy firm. Such areas were: Reinstating tax free shopping, which would have provided overseas residents a VAT exemption on goods they acquire in the UK. We had hoped the chancellor would tackle the areas we covered in our budget wish list.

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Menzies

MARCH 6, 2024

Menzies LLP - A leading chartered accountancy firm. As a sector that traditionally struggles with labour shortages, it remains to be seen whether the additional 2% NIC cut and changes around child benefit will have the positive effect that the government hopes for.

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Menzies

JANUARY 20, 2023

Menzies LLP - A leading chartered accountancy firm. We’re devised this ‘Finance Directors’ tax toolkit’ to highlight the ways in which Menzies often help large and multinational companies including business tax, employment solutions and innovation incentives (e.g.

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Menzies

JANUARY 25, 2023

Menzies LLP - A leading chartered accountancy firm. G20 and 136 OECD Members have agreed to reform global tax by establishing a 15% global minimum tax rate. The effective tax rate is calculated by a series of calculations for each of the relevant entities and permanent establishments.

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Menzies

FEBRUARY 12, 2024

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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Menzies

MARCH 6, 2024

Menzies LLP - A leading chartered accountancy firm. The FHL regime has been around for years and provides individuals and companies who hire out furnished properties as holiday lets with various tax advantages. In recent years the number of landlords providing furnished holiday homes has increased significantly.

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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

NOVEMBER 9, 2023

Menzies LLP - A leading chartered accountancy firm. Significant announcements are usually reserved for the autumn budget, however with various tax rates frozen until 2027/28 and tax cuts seemingly off the table, it is not clear if Chancellor Jeremy Hunt will have any big announcements in store for the tech sector this November.

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Menzies

NOVEMBER 10, 2023

Menzies LLP - A leading chartered accountancy firm. A plan which spans several terms of government office, enabling sufficient time to implement a futuristic and sustainable infrastructure. Enhanced tax incentives for SMEs investing in greener fleets would be welcome. What are our recommendations?

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Menzies

NOVEMBER 2, 2022

Menzies LLP - A leading chartered accountancy firm. Research and Development (R&D) tax relief is intended to promote and reward scientific and technological innovation in the UK. A Welcome Update To The R&D Tax Relief Scheme. What changes are being made to R&D Tax Relief? Introduction Of A PAYE/NIC Cap.

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Menzies

FEBRUARY 13, 2024

Menzies LLP - A leading chartered accountancy firm. Reconsidering tax relief In the residential rental sector, there is an increase in the number of private landlords suffering rent arrears as lower income tenants struggle to pay rents. It will be interesting to see if there is a strategy to stimulate the property market.

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Menzies

NOVEMBER 30, 2023

Menzies LLP - A leading chartered accountancy firm. If you are in the manufacturing sector, there is no escaping ESG (Environmental, Social and Governance). By taking advantage of government tax incentives for qualifying projects, companies can improve cashflow and increase competitiveness at the same time.

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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? What might 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? What might we expect?

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Menzies

DECEMBER 12, 2023

Menzies LLP - A leading chartered accountancy firm. To assist you in this evaluation, our Selling your business whitepaper includes our Business Optimisation Checklist – a list that covers all the key questions that you need to consider focusing on areas such as your goals, customers, markets, people, governance, tax and supply chains.

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Menzies

NOVEMBER 24, 2023

Menzies LLP - A leading chartered accountancy firm. Apprenticeship growth sector pilot: The government is committing £50 million to deliver a two-year apprenticeships pilot to explore ways to stimulate training in growth sectors including manufacturing, and to address barriers to entry in high-value standards.

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Menzies

MAY 17, 2022

Menzies LLP - A leading chartered accountancy firm. Historical tax incentives also made the market a lucrative option but the tax rules have changed and not for the better. Historical tax incentives also made the market a lucrative option but the tax rules have changed and not for the better.

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Menzies

JANUARY 5, 2024

Menzies LLP - A leading chartered accountancy firm. Taking government tax incentives and available grants into consideration at the start of your journey is a smart move, to ensure you reap the returns in the quickest possible timeframes.

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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. Making Tax Digital (MTD).

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Menzies

NOVEMBER 9, 2023

Menzies LLP - A leading chartered accountancy firm. A Vision for a Sustainable Future: Overhauling UK Retail Policies We are proposing essential recommendations to the UK government in preparation for the upcoming Autumn statement.

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Menzies

NOVEMBER 24, 2023

Menzies LLP - A leading chartered accountancy firm. Download our full Autumn Statement report 2023 Business rates support package The government is announcing a business rates support package worth £4.3 The government is committed to supporting businesses with business rates bills.

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Menzies

APRIL 12, 2024

Menzies LLP - A leading chartered accountancy firm. Manufacturers are leading the way with investment in R&D and opportunities exist to utilise tax incentives, such as R&D tax relief and the Patent Box regime.

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Menzies

JANUARY 4, 2024

Menzies LLP - A leading chartered accountancy firm. This needs to be ramped up and extended quickly, to allow SMEs and UK government to reap the benefits sooner rather than later. billion in lost tax revenue a year, so there is further work to do. In the UK, e-invoicing is still very new. for 2021/22. for 2021/22.

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Menzies

MARCH 20, 2023

Menzies LLP - A leading chartered accountancy firm. The Government seemed to back up their statement that they want to strengthen the UK’s position as a global science and technology power, but from their recent budget announcements, this was less evident. for qualifying R&D expenditure. for qualifying R&D expenditure.

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Menzies

AUGUST 18, 2023

Menzies LLP - A leading chartered accountancy firm. As of 1 August 2023, the government has implemented a new, ‘simpler system’ which is expected to have a significant impact on producers, consumers and the hospitality industry. With the introduction of Draught Relief, the tax burden on draught alcoholic products under 8.5%

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Menzies

NOVEMBER 9, 2023

Menzies LLP - A leading chartered accountancy firm. Navigating Economic Constraints: Anticipating the UK Government’s Strategy in the Upcoming Autumn Statement Little Room to Manoeuvre: The chancellor appears to have little room to manoeuvre as interest rates are increasing the cost of servicing existing borrowing.

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Menzies

APRIL 23, 2024

Menzies LLP - A leading chartered accountancy firm. For instance, with a £100 tip, an employee taxed at the basic rate could receive £72 via payroll versus £80 through a tronc system. Tronc schemes require their own payroll scheme, managed by a tronc master who oversees tax deductions and payments to HMRC.

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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.

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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. The measures will apply for accounting periods commencing on or after 1 April 2023. Senior Tax Manager.

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Going Concern

OCTOBER 17, 2022

It appears all of this (alleged) behavior stems from the accountant not wanting to lose her clients and lashing out at them when they tried to call things quits. ” The client was a bakery that ran into problems when they tried to switch to a different accountant.

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Menzies

OCTOBER 5, 2022

Menzies LLP - A leading chartered accountancy firm. The government have now announced in the mini-budget that this limit will not revert to £200,000 as planned and, instead, will permanently stay at £1 million. ANNUAL INVESTMENT ALLOWANCE PERMANENTLY SET AT £1 MILLION.

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