Menzies

MAY 15, 2024

Menzies LLP - A leading chartered accountancy firm. As the digital marketplace continues to expand, so does the focus of tax authorities on income generated from online trading. Impact on sellers For those already adhering to tax obligations, the impact may be minimal. Are you selling on Vinted, Airbnb or eBay?

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Going Concern

FEBRUARY 2, 2024

Paul McNab, formerly tax partner for 22 years, is challenging a key clause in the firm’s retirement plan that denies pension payments to partners – which are worth around $140,000 a year – if they leave to work for a “major competitor”. In the middle of a busy tax season, it would only take a few seconds—and just one click.

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Going Concern

MAY 20, 2024

Michael Shaub of Texas A&M University talks about the PCAOB’s new standards in Bloomberg Tax. A whistleblower in Australia says ratting out his former employer worked out great for the tax authorities but him not so much. TL;DR It’s about time!

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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. The tax return is due for filing by the 31st January following the end of the tax year.

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Menzies

MARCH 1, 2023

Menzies LLP - A leading chartered accountancy firm. Tax efficient rewards for surveyors and other employees As well as the above considerations, there are still many other ways in which it is possible to reward staff, at least in part, in a tax efficient way.

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Menzies

MARCH 25, 2024

Menzies LLP - A leading chartered accountancy firm. Under the new legislation, the deadline to report the grant of new EMI share options is now 6 July following the end of the tax year in which they were granted. HMRC has recently changed the time limit on the reporting for new EMI notifications granted from 6 April 2024.

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Menzies

APRIL 12, 2024

Menzies LLP - A leading chartered accountancy firm. Despite this, UK retail sales have topped £500 billion recently, and businesses in the sector are striving to differentiate their offerings through providing an enhanced, sustainable, and personalised customer experience, investing in innovative products and digital transformation.

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Going Concern

JUNE 8, 2023

It appears the Institute of Chartered Accountants in England and Wales (ICAEW) has finally pushed Sheffield University’s Richard Murphy over the edge. The Professor of Accounting Practice at Sheffield’s Management School issued a new report chastising the group for hoarding funds. In 2019, the FRC fined PwC £4.55

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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

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

MARCH 6, 2023

Menzies LLP - A leading chartered accountancy firm. During these bleak times, it is important to consider tax reliefs and planning strategies that are available in these circumstances. It is important to note that all sales must be taken into account in the 12 month period, including sales which resulted in a gain.

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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 25, 2024

Menzies LLP - A leading chartered accountancy firm. Since then, till fraud has become a growing concern, especially to the tax authorities in the UK, US and Australia. Article written by Emily Donaldson. What should you know about suspected till fraud?

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Menzies

APRIL 12, 2024

Menzies LLP - A leading chartered accountancy firm. Strategic divestments could help to raise the funds needed to invest, which may in turn help to minimise corporate tax liabilities by creating an opportunity to claim R&D tax relief. Business owners in the sector should harness data and manage cash flow carefully.

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Menzies

APRIL 12, 2024

Menzies LLP - A leading chartered accountancy firm. In the ever-evolving landscape of ecommerce, the sector continues its upward trajectory, with global online sales consistently on the rise. Meeting evolving customer expectations requires ongoing investments in website usability, customer support, and post-purchase services.

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Menzies

JANUARY 29, 2024

Menzies LLP - A leading chartered accountancy firm. As sales dip after the festive season, maintaining cash flow becomes crucial. A reduction in sales following the Christmas and New Year period, but with overheads and debt costs still at normal levels, can put pressure on business’ cashflow.

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Menzies

AUGUST 10, 2023

Menzies LLP - A leading chartered accountancy firm. Who do the new tax relief rules apply to? This means that it may or may not be worth claiming, depending on each companies circumstances.

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Menzies

MAY 7, 2024

Menzies LLP - A leading chartered accountancy firm. The distinction between capital and revenue expenditure for tax purposes can be difficult to make. As always, if you are unsure then we recommend that you consult a tax advisor. Why this is relevant to UK tax?

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Menzies

DECEMBER 7, 2023

Menzies LLP - A leading chartered accountancy firm. With the rise in use of various digital assets, including exchange tokens, NFTs (non-fungible tokens), and utility tokens, the landscape of financial transactions has evolved and it’s crucial to understand and comply with tax regulations to avoid potential issues down the line.

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Menzies

MARCH 15, 2024

Menzies LLP - A leading chartered accountancy firm. On the face of it, the award of equity to an employee is a taxable benefit, subject to tax in the same way as a cash bonus, which can be problematic where employees receive shares without any cash to settle the arising tax liability.

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Menzies

JANUARY 10, 2024

Menzies LLP - A leading chartered accountancy firm. This will likely impact not just those with a tax issue to resolve, but those who don’t but just happen to be a user of online platforms. This is likely to have wide-reaching implications and catch individuals with no UK tax issues to correct.

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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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Menzies

AUGUST 18, 2023

Menzies LLP - A leading chartered accountancy firm. While some businesses have welcomed the reduction in duties on beer, cider, and spirits, others have expressed concern that the increase in wine duties could have a negative impact on their sales.

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Going Concern

APRIL 7, 2023

Client warns consultants about using ChatGPT-like bots for proposals [ Australian Financial Review ] Consulting firms risk misrepresenting what their firms can and cannot do when using artificial intelligence chatbots to develop sales proposals, a procurement specialist has warned. If Your Job Exposed to ChatGPT?

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Menzies

DECEMBER 12, 2022

Menzies LLP - A leading chartered accountancy firm. On 8 December 2022 HMRC announced the ESS disclosure facility aimed at businesses who have made use of technology which artificially suppresses their till sales, and therefore erroneously reduces their tax liabilities. How will the ESS disclosure facility work?

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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. WHAT IS AN EOT AND WHAT ARE THE BENEFITS? WHY IS A VALUATION REQUIRED?

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Menzies

FEBRUARY 15, 2023

Menzies LLP - A leading chartered accountancy firm. The stamp duty land tax (SDLT) surcharge for overseas buyers of residential property was introduced on the 6th April 2021. The surcharge applies to non-resident individuals, partnerships and companies buying UK residential property, as well as certain trusts.

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Menzies

JANUARY 12, 2024

Menzies LLP - A leading chartered accountancy firm. Given income arising from a trade is taxable in the UK, and tax legislation inadequately defines what constitutes a trade, it is important for taxpayers to understand whether they might be considered as trading or not.

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Accounting Insight

AUGUST 9, 2023

Tax untangled – top tax Issues for 2023/24 Sharon Cook, Technical Director, 20:20 Innovation In this session, Sharon will will review two of the most topical and challenging changes in taxation that practitioners are grappling with right now: 1.

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Menzies

FEBRUARY 7, 2023

Menzies LLP - A leading chartered accountancy firm. Never miss a sale Sales and profitability are the key components of business growth. Having a poor inventory system can wreak havoc on sales, leading to lost opportunities. Find out more about the impact of Making Tax Digital on your business.

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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. People often mistake what counts as ‘trading’ in their tax returns. However, does the new guidance cover enough ground?

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Menzies

FEBRUARY 4, 2023

Menzies LLP - A leading chartered accountancy firm. There are very few tax breaks available for owners of or investors in UK commercial property. The quantum of the tax relief available is dependent on the historic ownership of the property and not necessarily the age of the building. see general rule of thumb % below).

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Menzies

JUNE 19, 2023

Menzies LLP - A leading chartered accountancy firm. However, each country operates from a different rulebook when it comes to tax and employment law. Similarly, in the US, both state and federal tax systems must be understood and adhered to. Also, multiple registrations may be required for necessities, such as VAT.

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Menzies

MARCH 17, 2023

Menzies LLP - A leading chartered accountancy firm. Know Your Niche Boosting sales is difficult at the best of times, but it is essential in order to achieve success. Further, being aware of your break-even point – what value of sales you must complete in order to equal your costs – is important.

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Menzies

FEBRUARY 1, 2023

Menzies LLP - A leading chartered accountancy firm. Menzies were appointed as his accountants and business advisors. Menzies could assist with the sale and of course, make the appropriate fees. Our client had been an IT Consultant in the City. He wanted to combine his favourite pastime with a business idea. FANCY A CUPPA?

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Menzies

FEBRUARY 10, 2023

Menzies LLP - A leading chartered accountancy firm. The aggregation of marginal gains – aka the 1% rule The theory is that by making small increases or changes to one, two or even three key areas in a business the positive impact on a company’s profit and loss account can be substantial.

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Menzies

MAY 6, 2022

Menzies LLP - A leading chartered accountancy firm. The balance will continue to be written down annually and in the above example this would mean a total of £19k tax saving (at current tax rates)/£25k tax saving (at future tax rates). For every £100 spent, companies will receive tax relief of £130.

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