Menzies

DECEMBER 5, 2022

Cases are progressed under HMRC’s Code of Practice 9 (COP9) procedure 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. False documentation to HMRC. Selective criminal prosecution policy.

Tax 52

Tax chartered accountant accounting and finance Finance 52

Menzies

JULY 14, 2023

Groups that file annual Country by County Reporting (“CBCR”) returns or notifications should expect a letter from HMRC outlining an introduction to the new OECD Pillar 2 rules. The rules will aim to implement a global minimum tax of 15% on a multinational group’s profits, in each jurisdiction in which it operates in.

chartered accountant 52

chartered accountant Tax tax planning financial statements 52

Inform Accounting

APRIL 19, 2023

Like many other taxes, inheritance tax (or IHT) allowances have been frozen. Data from HMRC has revealed that Inheritance tax collected between April 2022 and February 2023 totalled £6.4bn, which is £900m higher than the same period last year. How can you reduce your inheritance tax bill?

Tax 52

Tax income tax tax return Government 52

Menzies

JUNE 19, 2023

It is inevitable that at some point within HMRC’s dealings with taxpayers, mistakes will happen. In the UK we have a tax code that recognises that taxpayers will make mistakes in their tax affairs and shouldn’t be penalised either financially or reputationally if the mistake was made with honest intentions.

chartered accountant 52

chartered accountant Tax Legal accounting firms 52

ThomsonReuters

FEBRUARY 20, 2024

International GAAR rules Keeping up with tax avoidance regulation Abusive tax planning is not just a concern among U.S. tax authorities, it is a global concern. Governments around the world have long taken steps to crack down on tax evasion, such as using general anti-avoidance rules, better known as GAAR. Does the U.S.

income tax 52

income tax corporation tax Tax tax planning 52

Inform Accounting

NOVEMBER 28, 2022

With all of the U-turns on tax policy in the last couple of months, businesses may be confused about what changes are going ahead and which ones have been scrapped by the new chancellor. If the end-user organisation is also the fee-payer, they will need to deduct and pay Income Tax and National Insurance contributions to HMRC.

payroll 52

payroll income tax tax return Tax 52

Churchill-Knight

JANUARY 5, 2022

Two government departments have recently unveiled they face a combined tax bill of over £120 million due to IR35 status errors. Keep reading, and we will explain why Defra and the MoJ face such heavy tax bills from the government. Unfortunately, the tool appears to have failed.

Tax 40

Tax payroll Government Account 40

Accounting Insight

AUGUST 15, 2023

As a finance professional, your employees’ business travel often presents a complex challenge due to the numerous policies and industry standards governing a crucial aspect: travel expenses. If your organization’s employees travel for work to a temporary location within the past four years, they may qualify for tax relief.

Travel Expense Management 52

Travel Expense Management Expense Management Transportation accounting and finance 52

Inform Accounting

OCTOBER 27, 2022

We all have to pay taxes. But what if we told you there are several strategies you can adopt to help reduce the amount of tax you pay? Because we are sharing six tips to help you save tax and get the most for your money! Travel tax-free There are a couple of ways you can save on tax whilst travelling to and from work.

Tax 52

Tax income tax Account accountant 52

Wellers Accounting

JULY 18, 2023

Tom Biggs answers the question, what is UK Inheritance Tax, and the potential strategies that can be implemented to help reduce this tax liability.

Tax 98

Tax Maine 98

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.

bookkeeping 52

bookkeeping accounting and finance Education chartered accountant 52

Accounting Insight

FEBRUARY 21, 2023

T&E promotes higher retention rates for the company Companies with well-developed T&E policies tend to have higher employee retention rates because they don’t expect their frequent travellers to stay out of pocket and wait long periods for reimbursements. What are the best ways to report T&E for the next tax period?

Travel Expense Management 59

Travel Expense Management Expense Management Entertainment Technology 59

Menzies

MAY 17, 2022

Historical tax incentives also made the market a lucrative option but the tax rules have changed and not for the better. In the past, overseas investors were completely exempt from UK Capital Gains Tax (CGT). Without a doubt this was the most attractive tax incentive for overseas investors to own UK commercial property.

Tax 52

Tax chartered accountant Government Sales 52

Accounting Insight

SEPTEMBER 2, 2022

As the battle for Number 10 nears its end, the payroll industry is collectively hiding behind an enormous sofa, hoping against hope that the Daleks will strike and save us from mid-year tax and National Insurance changes. Let’s assume some changes are made to income tax and National Insurance. This seems unlikely.

payroll 52

payroll income tax Tax Start-ups 52

Menzies

FEBRUARY 18, 2023

HMRC have issued an application pack containing form C117 which requires basic business information together with form C118 which is a detailed questionnaire about the business activities. HMRC audit Following application, HMRC will visit in order to verify the supplementary documentation provided. How to apply?

Transportation 52

Transportation audit chartered accountant Manufacturing 52

Menzies

MARCH 1, 2023

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). Research and development should also be considered.

income tax 52

income tax chartered accountant corporation tax Tax 52

PYMNTS

MARCH 19, 2020

On another note, trade organizations are asking the government of Britain for a payment holiday on taxes like VAT and national insurance after many firms reportedly stopped making HM Revenue & Customs contributions, the Financial Times reported. In other news, the Financial Conduct Authority (FCA), the U.K.’s ”

Tax 52

Tax Retail Government 52

Going Concern

JULY 21, 2023

KPMG Rolls Out Generative AI to Tax Pros, Launches Audit Pilot [ Bloomberg Tax ] Inside KPMG, its tax professionals are leaning on generative artificial intelligence to help corporate tax departments prepare for new requirements to disclose their tax obligations by country.

audit 84

audit Tax Manufacturing Government 84

Accounting Insight

FEBRUARY 16, 2023

But no matter the size, with tracking and paying expenses, making payroll, setting budgets, preparing for the tax season, and more all falling under one department, you’re likely looking for ways to make managing financial processes easier and more transparent. If your business is scaling, it’s likely that so is your finance team.

payroll 59

payroll Spend Management Solutions Expense Management accounting and finance 59

PYMNTS

NOVEMBER 11, 2019

Her Majesty’s Revenue and Customs updated its crypto taxation policy paper for businesses and individuals, stating clearly that it does not consider crypto to be a currency.

Finance 43

Finance Tax Technology 43

Wellers Accounting

APRIL 24, 2024

Joe Lennon explains how to report tips and gratuities given new laws are coming in the form of the employment (allocation of tips) Act 2023.

tax return 52

tax return payroll Tax 52

PYMNTS

SEPTEMBER 4, 2019

Merchants must handle the sales tax compliance obligations of each locale from which they receive money if they want to sell online. The complexities of sales tax compliance affect business decisions by both sellers and marketplaces, according to Ted Hettich, chief sales officer at U.K. Deciphering obligations. he said. .

Sales 52

Sales Tax Retail Technology 52

PYMNTS

MARCH 26, 2019

Her Majesty’s Revenue and Customs (HMRC) has refused to delay a “loan charge” policy for tens of thousands of individuals in the U.K. who are facing a tax charge they have been avoiding for 20 years, according to a report by the Financial Times. In most cases loans were not disclosed, and in other cases disclosure was partial.

Government 49

Government tax return Tax Maine 49

Menzies

NOVEMBER 2, 2023

However, we often observe that businesses fail to maximise tax allowances which can result in a decrease in profits and cashflow. Result: Tax allowances maximised, easier access to investment funds, strategic growth Challenge No. The penalties imposed by HMRC have also increased in recent years, now up to 200% of any underpayment.

audit 59

audit Non-Profits Technology payroll 59