Menzies

MARCH 1, 2023

Menzies LLP - A leading chartered accountancy firm. No national insurance is due on interest payments and the company will obtain a corporation tax deduction for the gross interest paid. Care needs to be taken to ensure 20% income tax is withheld by the company and paid to HMRC via a CT61 return.

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Menzies

NOVEMBER 22, 2022

Menzies LLP - A leading chartered accountancy firm. However, delaying employment income will only offer a NIC saving for directors, as employees are already back on ‘normal’ NICs from November 2022. This means Catherine will pay an extra £1,000 income tax by trying to avoid a small additional NIC charge.

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Menzies

NOVEMBER 7, 2022

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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Menzies

JANUARY 21, 2023

Menzies LLP - A leading chartered accountancy firm. The Seed Enterprise Investment Scheme (SEIS) and Enterprise Investment Scheme (EIS) provide significant tax incentives for external investment into developing technology companies. They are particularly relevant to developing high growth technology companies.

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Menzies

MAY 11, 2023

Menzies LLP - A leading chartered accountancy firm. One of the main aspects you need to think about when becoming Self Employed is the tax position and ensuring that you meet the tax reporting requirements. Income tax is payable on the profit.

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Reckon

APRIL 6, 2024

An accountant goes further and creates insights and deeper recommendations and analysis based on this data. They also provide tax advice, undertake compliance work, produce financial statements and income tax returns. If you feel you need richer advice, you may wish to consult an accountant.

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Menzies

JUNE 5, 2022

Menzies LLP - A leading chartered accountancy firm. And are there tax consequences you should be aware of? In this article we will look to provide an explanation of the tax implications that may arise for those involved with Cryptoassets. Income Tax. Income Tax rates. But what does it all mean?

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Menzies

JULY 27, 2023

Menzies LLP - A leading chartered accountancy firm. When pension contributions in a year exceed the individual’s AA, the excess is taxed at the individual’s marginal rate of income tax. The available AA is also tapered by £1 for each £2 when income exceeds a defined limit.

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Menzies

JUNE 6, 2023

Menzies LLP - A leading chartered accountancy firm. Broadly, the more difficult (or impossible) it is to obtain tax information through an exchange of information, the more likely it is that the country will be allocated to a higher category.

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Menzies

NOVEMBER 24, 2022

Menzies LLP - A leading chartered accountancy firm. Current rules: the amount an investor can claim income tax relief on is restricted to £100,000 per tax year. This relates to the qualifying investment amount, rather than the tax relief). Read more information on SEIS/EIS Schemes. Investment limit.

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Menzies

FEBRUARY 27, 2023

Menzies LLP - A leading chartered accountancy firm. Where COP9 isn’t appropriate then the DDS offers a straightforward way for the taxpayer to bring their tax affairs up to date. An online notification is made to HMRC informing them of an intention to make a disclosure under the DDS.

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Menzies

MAY 19, 2023

Menzies LLP - A leading chartered accountancy firm. The UK tax system is designed in such way as to provide the taxpayer with important safeguards. To balance HMRC’s power to raise an assessment with protecting the taxpayer, specific time limits are imposed on HMRC to raise an assessment for a loss of tax.

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Menzies

AUGUST 8, 2022

Menzies LLP - A leading chartered accountancy firm. Although there is currently no tax regulation regarding NFTs from HMRC, it is vital to remember that all profits generated from trading NFTs must be declared for tax purposes. They should know if the profits are likely to be taxed as income tax or as capital gains.

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Menzies

MAY 10, 2022

Menzies LLP - A leading chartered accountancy firm. Many of us will have received our first payslip of the new tax year and seen a reduction in our take-home pay, and many finance directors will have seen an increase in their employment costs. Based on tax and NI rates for 2022-23. Net Pay £18,883.10 £19,042.10

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Menzies

FEBRUARY 3, 2023

Menzies LLP - A leading chartered accountancy firm. For a self-employed barrister, we would recommend that you make efforts to set aside money to pay tax and student loans and make voluntary Class 2 NI payments to help qualify you for benefits (e.g. Set up a separate business bank account. state pensions and allowances).

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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. Plans To Restrict Overseas Costs.

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Menzies

OCTOBER 24, 2023

Menzies LLP - A leading chartered accountancy firm. Doing so provides the outgoing majority shareholder(s) with an effective and efficient means to dispose of their shares, as well as a substantial tax advantage compared with other methods of disposal. This could result in unexpected income tax charges for the vendors.

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Menzies

MARCH 1, 2023

Menzies LLP - A leading chartered accountancy firm. For the employer, no tax liabilities are triggered and there is tax relief on the difference between the market value of the share at exercise and the option price paid.

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Going Concern

FEBRUARY 16, 2024

Belgian accounting sector is overworked and turning away new clients [ The Brussels Times ] A significant portion of accounting firms across Belgium are contemplating downsizing as their workload continues to surge, raising alarms within the sector about potential implications for small businesses and startups, L’Echo reports.

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Menzies

NOVEMBER 18, 2022

Menzies LLP - A leading chartered accountancy firm. The update in question provides advice regarding the tax treatment of cryptoassets, allowing traders to efficiently organise their digital assets. Though for people who are not used to self-assessment tax forms, it can be too complex and heavy.

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AdviceForTaxpreparers

JULY 29, 2019

As a final note, if you have know of any accounting jokes or funny accounting videos that you think I should add you can add them in the comments below or send me an e-mail with the information through my contact page. Accounting and CPA Puns. Short Accounting and CPA Jokes. Famous Accounting Quotes.

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Menzies

MAY 18, 2022

Menzies LLP - A leading chartered accountancy firm. The media storm surrounding the news that Akshata Murthy is treated as non-domiciled for UK tax purposes highlights the need to challenge common misconceptions and increase awareness of the beneficial impact that individuals with this status have on the UK economy.

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Menzies

APRIL 25, 2023

Menzies LLP - A leading chartered accountancy firm. It is critical for UK-based businesses to prepare an overseas expansion plan and seek consultation from local professional advisers based in the target country; to help inform their final decisions, prior to taking the plunge and setting up business operations overseas.

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Going Concern

FEBRUARY 23, 2024

Scarsdale CPA accused in $2M check cashing scheme [ Westfair Business Journal ] A Scarsdale accountant has been charged with conspiracy to defraud the IRS for allegedly misrepresenting more than $2 million in income for nine construction companies. From 2012 to April 2018, according to the criminal information document signed by U.S.

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Going Concern

JANUARY 5, 2024

An expert in ethical finance in City’s Department for International Politics, Atul’s research focuses on finance, accounting, corporate governance and regulation. His work is informed by both Jain and Hindu Dharmic traditions and he is the author of the book ‘Inclusive and Sustainable Finance’ (Routledge, 2022). “I

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