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.

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Menzies

FEBRUARY 6, 2023

Menzies LLP - A leading chartered accountancy firm. HMRC have recently changed their policy on acknowledging Option to Tax notifications. This could be useful if a taxpayer did not recall whether they had opted to tax or not. This could be useful if a taxpayer did not recall whether they had opted to tax or not.

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Menzies

NOVEMBER 7, 2023

Menzies LLP - A leading chartered accountancy firm. UK tax considerations for content creators and social media influencers Do you consider yourself an influencer? If so, did you know that you may well have UK tax liabilities and do you know what you need to do to be tax compliant? First things first – don’t panic.

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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).

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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

SEPTEMBER 2, 2022

Menzies LLP - A leading chartered accountancy firm. For example, if an energy-efficient vehicle cost £100,000, this would lead to a deduction against the taxable profits of £100,000, generating tax relief of £25,000 (assuming corporation tax paid at the new 25%, as from April 2023 corporation tax rates are due to increase).

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CPA Practice

MAY 18, 2023

Kaarin Kontio Evens (Minnesota), a graduate of Macalester College with a Bachelor of Science in chemistry, a Bachelor of Arts in music and a Master of Science in chemistry from University of Wisconsin, Madison (with additional business coursework at Augsburg University), is employed with Lottsa Tax and Accounting Services in Minneapolis, MN.

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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.

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Going Concern

MAY 30, 2023

Ian Gow and former KPMG director Stuart Kells, authors of the 2018 book “The Big Four: The Curious Past and Perilous Future of the Global Accounting Monopoly,” write about Big 4 integrity for The Mandarin : The PwC affair is of course not the first of its kind, even for PwC. In the 1990s and 2000s, Caterpillar Inc.

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Menzies

JANUARY 4, 2024

Menzies LLP - A leading chartered accountancy firm. The historical ability for non-residents to avoid UK tax on property sales and potentially benefit from reduced stamp duty has undergone significant changes. In 2015 The sale of UK residential property by non-residents became liable to UK tax.

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Menzies

MARCH 22, 2023

Menzies LLP - A leading chartered accountancy firm. Depending on the circumstances this may defer the tax relief available into the next accounting period. The tax impact on making use of grants is that the value on which capital allowances are applied is reduced by the value of the grant.

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Menzies

JUNE 8, 2023

Menzies LLP - A leading chartered accountancy firm. Government Consultations A technical consultation recently took place in May 2023 to consult on draft regulations which amend how a business claims a Plastic Packaging Tax credit in certain circumstances. Rate From 1 April 2023 the PPT rate has increased to £210.82

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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

OCTOBER 21, 2022

Menzies LLP - A leading chartered accountancy firm. But they might be unaware that most of the cost of the refurbishment may be eligible for tax relief under the capital allowances regime. Consulting a tax professional for advice at an early stage will enable companies to get the information needed to make a successful claim.

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Menzies

APRIL 23, 2024

Menzies LLP - A leading chartered accountancy firm. The purpose of this scheme was to make declaring and paying tax on benefits easier, compared to the previous method of submitting P11D forms. Once registered you can apply online before the start of the tax year. What do you need to know? Why payroll your benefits?

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Menzies

MARCH 6, 2024

Menzies LLP - A leading chartered accountancy firm. TAX INCENTIVES Whilst the further reduction to Employees NIC is part of a wider strategy to encourage people back to work will be welcomed by individuals, it wont change the costs for business owners. In fact, with national minimum wage jumping up 9.8%

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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

OCTOBER 27, 2023

Menzies LLP - A leading chartered accountancy firm. Capital gains tax (CGT) has traditionally been a tax that most people could ignore. However, as has happened with higher rate tax, the reach of CGT has been growing and will extend further over the next few years. What can you do? What can you do?

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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

APRIL 17, 2023

Menzies LLP - A leading chartered accountancy firm. It would be extremely rare that a taxpayer would set out hoping that their dispute with HMRC will reach the Tax Tribunal, not least because of the public nature of the hearing. by appealing directly to the Tribunal) would lead to the case being struck out by the Tribunal.

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Menzies

MARCH 1, 2023

Menzies LLP - A leading chartered accountancy firm. GAINING R&D KNOWLEDGE CAN BRING REWARDS FOR YOUR PROPERTY BUSINESS Relatively few surveyors claim research and development (R&D) tax relief, despite the fact that many activities meet the scheme’s eligibility criteria. depending on your tax rate from 1 April 2023).

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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

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.

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Menzies

DECEMBER 1, 2022

Menzies LLP - A leading chartered accountancy firm. From 1 April 2023, the corporation tax rate will be increasing from 19% to 25% for companies with taxable profits over £250,000. Companies with taxable profits of less than £50,000 will continue to pay tax at 19%. Should you shorten your accounting period?

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Menzies

JULY 6, 2022

Menzies LLP - A leading chartered accountancy firm. The Plastic Packing Tax is now operational. On 1 July 2022, HMRC updated their guidance on how to submit your Plastic Packaging Tax return. Once you have met the 10-tone threshold you will need to register your liability for the Plastic Packaging Tax.

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Menzies

APRIL 12, 2024

Menzies LLP - A leading chartered accountancy firm. Growth has been subdued, with issues of housing supply, scarcity of affordable land, tax changes, and planning approvals remaining a problem. Other tax reliefs should not be overlooked. The property and construction sector has experienced real challenges of late.

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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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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.

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Menzies

MARCH 14, 2023

Menzies LLP - A leading chartered accountancy firm. Bold tax decisions now could accelerate the way to a brighter economic future. A key case in point is that in April, changes in the R&D tax credits are due to take effect, this will have a negative impact on small and medium-sized businesses (SMEs).The

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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

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

FEBRUARY 14, 2024

Menzies LLP - A leading chartered accountancy firm. Tax-free shopping Acknowledging the crucial role played by the retail sector in the UK’s economic landscape, we propose the reintroduction of tax-free shopping for international visitors, including those from the EU.

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Menzies

MARCH 7, 2024

Menzies LLP - A leading chartered accountancy firm. The H&L sector had been lobbying for a reduction in the VAT rate but instead saw a modest increase in the VAT threshold from £85k to £90k which will do little to reduce the sectors tax burden, or boost consumer spending.

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Menzies

APRIL 12, 2024

Menzies LLP - A leading chartered accountancy firm. TAXATION Technology businesses may be eligible for tax relief to offset their expenditure on R&D activities.

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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

JANUARY 25, 2023

Menzies LLP - A leading chartered accountancy firm. As part of the process to renew or obtain a licence to operate, a declaration that the taxpayer is registered for tax will need to be obtained. The tax check must be carried out by the taxpayer themselves, so an agent cannot do this on their client’s behalf.

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Menzies

OCTOBER 5, 2023

Menzies LLP - A leading chartered accountancy firm. In this final session our experts look at some of the issues and potential benefits associated with engaging employees on a more permanent basis to work abroad and discuss what businesses need to consider from a legal, tax and immigration perspective.

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