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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). Once you are happy please complete the process.

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Private Client: Spring Budget 2024 Predictions & Wish List

Menzies

Menzies LLP - A leading chartered accountancy firm. Income tax Tax Liabilities Given the increased interest rates, more taxpayers will be benefitting from increased interest on income. This means more taxpayers may find themselves with undisclosed tax liabilities and/or needing to file a tax return.

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HMRC’s powers to write off employees’ underpaid tax

Menzies

Menzies LLP - A leading chartered accountancy firm. Did you know under Extra Statutory Concession A19 (ESC A19) HMRC have the power to write off income tax and capital gains tax you owe in respect of historic periods where the underpayment is due to an HMRC error or administrative failure?

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Hospitality & Leisure: Spring Budget 2024 Predictions & Wish list

Menzies

Menzies LLP - A leading chartered accountancy firm. Tax Cuts The sector relies on disposable income and consumer confidence. A basic rate income tax cut could stimulate additional spending on recreational activities, benefiting the industry.

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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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The continued push for Cryptoasset Clarification

Menzies

Menzies LLP - A leading chartered accountancy firm. Value Added Tax The situs and use of Cryptoassets must be addressed within the VAT legislation, at present there is a lack of guidance which in turn causes great uncertainty of the accurate taxation of this asset class.

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Rental Income

Menzies

Menzies LLP - A leading chartered accountancy firm. One of the main aspects you need to think about when becoming a landlord is the tax position and ensuring that you meet the tax reporting requirements. The income will be taxed at your marginal rate.