Menzies

OCTOBER 30, 2024

Menzies LLP - A leading chartered accountancy firm. No increase in taxes on ‘working people’ As promised, the Chancellor did not raise ‘taxes for working people’, i.e. income tax and employee’s National Insurance. Nor has the Chancellor increased VAT. for all employees in April 2025.

Technology

Menzies

APRIL 14, 2025

Menzies LLP - A leading chartered accountancy firm. The autumn budget, delivered on 30 October 2024, proposed a number of significant inheritance tax changes which are set to come into force over the next couple of years. 67% effective tax rate? If the beneficiary is a basic rate taxpayer, the effective tax rate is 52%.

Tax

Menzies

JULY 14, 2025

Menzies LLP - A leading chartered accountancy firm. The October 2024 Budget signalled a seismic shift in the UK personal tax landscape, dismantling some of the long-standing benefits previously enjoyed by non-domiciled individuals. Eligibility Criteria – Who Can Use the TRF? by 31 January 2027 for 2025/26).

income tax

Menzies

MARCH 26, 2025

Menzies LLP - A leading chartered accountancy firm. Taxes No new tax rises were announced in the Spring Statement which would have been welcomed by the Hospitality & Leisure sector and Rachel Reeves announced shell raise an extra billion pounds in taxes by cracking down on tax evasion.

Hospitality

Menzies

MARCH 6, 2025

Menzies LLP - A leading chartered accountancy firm. We explore potential tax reversals, digital investment commitments, and the impact of policy changes on start-ups, growth, and digital transformation initiatives. The rate of tax is set to increase from 10% to 14% from April 2025 and 18% from April 2026.

Technology

Menzies

JANUARY 7, 2024

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.

income tax

Menzies

AUGUST 21, 2024

Menzies LLP - A leading chartered accountancy firm. Further information has now been made available in respect of the abolition of the Furnished Holiday Lettings (FHL) tax regime that will take effect from April 2025. Capital gains tax reliefs – access to reliefs from taxes on chargeable gains.

Tax

Menzies

FEBRUARY 19, 2024

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?

Tax

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. Understanding one’s tax and filing obligations is paramount. Income Tax.

income tax

Menzies

JUNE 6, 2023

Menzies LLP - A leading chartered accountancy firm. To dissuade taxpayers from all forms of non-compliance, the UK tax code contains many other types of penalties that apply in alternative scenarios. If the return is still outstanding after 6 months then HMRC can charge a penalty equal to the greater of £300 or 5% x tax due.

Tax

Menzies

OCTOBER 27, 2023

Menzies LLP - A leading chartered accountancy firm. If you earn Esports income from activities such as streaming, sponsorship, or tournament winnings, did you know you may need to declare this to HMRC and you may have tax to pay? If you receive any prize money from outside the UK, tax may be withheld on these earnings.

Sports

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).

Tax

Menzies

APRIL 3, 2023

Menzies LLP - A leading chartered accountancy firm. Download Menzies 2023/24 Tax Rate Cards The Menzies Tax Rate card outlines the business and individual tax rates for the coming tax year (2023/24).

Tax

Menzies

FEBRUARY 13, 2024

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.

income tax

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.

Tax

Menzies

FEBRUARY 14, 2024

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.

Hospitality

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.

Technology

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.

Tax

Menzies

MAY 11, 2023

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.

income tax

Menzies

NOVEMBER 22, 2022

Menzies LLP - A leading chartered accountancy firm. Employer’s Class 1 NICs 6 April 2022 to 5 November 2022 6 November 2022 to 5 April 2023 2023/24 tax year Earnings below secondary threshold Secondary threshold: £175 per week 0% 0% 0% Earnings above secondary threshold for employees 15.05% 13.8% Introduction.

income tax

Menzies

MARCH 1, 2023

Menzies LLP - A leading chartered accountancy firm. The LLP and each member must file self-assessment returns annually (see tax below). Tax An LLP is not liable to tax, with partners taxed as individuals. Shareholders wishing to receive a salary will be subject to income tax just as those in an LLP.

corporation tax

Menzies

MARCH 1, 2023

Menzies LLP - A leading chartered accountancy firm. This can be particularly challenging in an LLP, as tax is paid by the members on the profits made, but then they may need to leave cash in the business. Dividends are usually preferential to salary from a personal tax perspective (see R&D below).

income tax

Menzies

SEPTEMBER 19, 2024

Menzies LLP - A leading chartered accountancy firm. Labour’s manifesto pledged not to increase income taxes, so we can expect other taxes to be in the firing line – for example inheritance tax and stamp duties may be impacted.

Technology

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?

chartered accountant

Going Concern

FEBRUARY 16, 2024

In my view, the system is very close to a tipping point of massive non-compliance in a number of areas of tax law. Put simply, if taxpayers and their advisers (and even tax specialists) have a hard time understanding new legislation, it can and will lead to non-compliance. I’m a professional tax preparer.”

Real Estate

Menzies

NOVEMBER 21, 2023

Menzies LLP - A leading chartered accountancy firm. Considering the taxes mentioned below plus ensuing Corporation tax and Stamp duty is also addressed accordingly. To enable a consistent approach to be taken when considering the UK tax treatment of such assets.

chartered accountant

Menzies

JUNE 29, 2023

Menzies LLP - A leading chartered accountancy firm. Investing in cryptoassets is becoming more commonplace, but only 42% of crypto owners were aware there might be tax to pay when using crypto in a survey commissioned by HMRC in 2022. It’s not always clear what type of income you receive if you make a profit.

income tax

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.

chartered accountant

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. WHEN DO I NEED TO DECLARE NFT PROFITS AND HOW MUCH WILL I BE TAXED? What is an NFT?

income 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. It would be a good time therefore to invest in upskilling the UK workforce in digital skills.

Technology

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). Discuss plans with your tax advisor early.

chartered accountant

Menzies

FEBRUARY 27, 2023

Menzies LLP - A leading chartered accountancy firm. COP9 is relevant where HMRC either suspect, or the individual chooses to voluntarily disclose, that their deliberate action or inaction has led to an insufficient amount of tax being paid. How does the digital disclosure service work? Higher financial penalties.

chartered accountant

Menzies

APRIL 4, 2024

Menzies LLP - A leading chartered accountancy firm. Your holding will be classed as a capital asset and any gains or losses realised on disposal will be subject to Capital Gains Tax. It is important to understand the value of your holding to anticipate any future tax liabilities or take advantage of losses.

chartered accountant

Menzies

JULY 26, 2023

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).

tax return

Going Concern

FEBRUARY 23, 2024

Top Remote Accounting Candidates: February 22, 2024 Law & Order Co-Owner of Media Brokerage Firm Sentenced for Filing False Tax Returns [ Department of Justice ] According to court documents and statements made in court, Susan K. From 2012 to April 2018, according to the criminal information document signed by U.S.

CPA

Menzies

AUGUST 17, 2022

Menzies LLP - A leading chartered accountancy firm. Tax restrictions. The move to this business structure was mainly due to changes to tax that restricted the total tax relief that individual landlords could claim on the financing costs of their residential properties. Incorporating and Taxes.

Real Estate

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.

chartered accountant