Menzies

APRIL 17, 2025

Menzies LLP - A leading chartered accountancy firm. From April 2026, significant changes to the way Benefits in Kind (BiKs) are reported and taxed will come into effect. This measure aims to minimize the administrative burden for employers and HMRC, simplifying the process of reporting and the payment of tax.

payroll

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

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. When to submit your return. Your tax returns must cover the below accounting periods.

tax return

Menzies

AUGUST 15, 2024

Menzies LLP - A leading chartered accountancy firm. But it’s not just breeding that might cause a tax problem, as pet sitters will also fall onto HMRC’s radar with the introduction of the online platform reporting rules. Are you prepared if HMRC start to sniff around your tax affairs?

tax return

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

JANUARY 29, 2024

Menzies LLP - A leading chartered accountancy firm. Online tutors are easy to find and there are many websites offering to match students to tutors, but how many tutors consider the potential UK tax reporting obligations arising from their endeavours? What will private tutors want to know?

Tax

Menzies

MAY 22, 2024

Menzies LLP - A leading chartered accountancy firm. The Times has recently reported on leaked data which shows approximately 17,000 British citizens owned approximately 22,000 properties in Dubai as of spring 2022, and yet only 1,900 UK tax residents reported let property income from a Dubai property in the 2021/22 tax year.

Tax

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.

Finance

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.

Tax

Menzies

MARCH 25, 2024

Menzies LLP - A leading chartered accountancy firm. If you don’t declare or don’t pay the tax you owe to HMRC, it’s likely you will receive significant penalties and in some cases be criminally prosecuted. What should I do if I am concerned about PDDD or MSD?

Tax

Going Concern

FEBRUARY 9, 2024

Big 4 Big Four Lobby Congress on Accounting Pipeline, AI, Crypto [ Bloomberg Tax ] PwC spent the most at $3.27 The Big Four firms targeted a portion of their millions in Capitol Hill spending last year on a pivotal problem facing the industry: shoring up a dwindling supply of qualified accountants. Tax Betting on the Super Bowl?

Technology

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? Or do you promote brands online and receive products for free in return for your content? First things first – don’t panic. So what do I do now?

Tax

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

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. Claims made after this will have a greatly decreased return. What’s in the Main pool? Structural and Building Allowance.

Tax

Menzies

NOVEMBER 27, 2023

Menzies LLP - A leading chartered accountancy firm. Understanding the differences between the available allowances is crucial for enhancing tax savings and bolstering cash flow, particularly in the early stages of a tech enterprise, where capital investments may be significant.

Technology

Mark Lee

OCTOBER 17, 2023

When accountants ask me how they can distinguish themselves from their immediate competition, I remind them that whilst the work output may be much the same (in terms of accounts and tax returns), the service, style, approach and fees may be very different. and if we fail?… appeared first on Book Mark Lee.

Account

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 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.

Tax

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?

Non-Profits

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

MAY 24, 2024

Menzies LLP - A leading chartered accountancy firm. With the estimated tax fraud in R&D at £1.05 HMRC began with a ‘volume compliance’ approach to opening enquiries, which has been largely criticised by agents and the CIOT as the result has been that many valid claims have been rejected or removed from tax returns by HMRC.

tax return

Going Concern

NOVEMBER 18, 2022

Bam is a chartered accountant and an outstanding South African. US Audit Board Urged to Aid ESG Validation With Updated Rules [ Bloomberg Tax ]. For the IRS to-do list: Build trust with Congress, use clearer language with taxpayers [ Journal of Accountancy ].

Technology

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

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

AUGUST 12, 2022

Menzies LLP - A leading chartered accountancy firm. Even if your company is below the EUR 750m threshold, consideration should still be given as to whether your transfer pricing policies are tax efficient and whether your documentation is up to date and in compliance with the local laws in the countries where you operate.

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 3, 2023

Menzies LLP - A leading chartered accountancy firm. HMRC have recently introduced measures to combat fraud within R&D, including lowering the SME tax relief and increasing compliance requirements, as Ant Lalsing details in his article here. HMRC can use their powers to ‘correct’ your company’s CT600 tax return.

tax return

Menzies

JANUARY 3, 2023

Menzies LLP - A leading chartered accountancy firm. Almost 10 years ago HMRC launched a disclosure facility aimed at individuals who had received property income, in the UK or abroad, but had failed to disclose this in their tax returns. not commercial) property. What could go wrong? But will HMRC ever find out?

tax return

Menzies

FEBRUARY 3, 2023

Menzies LLP - A leading chartered accountancy firm. Your tax returns will be due by 31 January following the end of the tax year. How to register and file your self assessment tax return with HMRC. With this in mind we would recommend that you take note of HMRC’s Making Tax Digital (MTD) initiative.

tax return

Menzies

MAY 22, 2024

Menzies LLP - A leading chartered accountancy firm. The Annual Tax on Enveloped Dwellings (ATED) is an annual tax due where corporate entities – whether UK resident or not – own UK residential properties. What is ATED?

chartered accountant

Menzies

JUNE 6, 2022

Menzies LLP - A leading chartered accountancy firm. The capital allowances rules set the rates and timing at which capital expenditure can be deducted to arrive at taxable profits in a tax return. net present values, cash-flow benefits or impacts on effective tax rates). Senior Tax Manager. Emma McCartney.

chartered accountant

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

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

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

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?

tax return

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

JANUARY 19, 2023

Menzies LLP - A leading chartered accountancy firm. Whether someone has an UK tax obligation depends on a number of factors, and consideration needs to be given to the question of whether someone is “trading”. The certificates do not specify the tax year(s) which they relate to and do not set a de-minimis level.

chartered accountant