Menzies

JULY 9, 2024

Menzies LLP - A leading chartered accountancy firm. Employment taxes and skills Labour have pledged not to increase taxes on workers, which means there are no expected changes to income tax or national insurance for employers to take into consideration.

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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).

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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.

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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? Don’t sell!

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Menzies

OCTOBER 4, 2022

Menzies LLP - A leading chartered accountancy firm. The basis period reform will not affect businesses with accounting year ends to 5 April or 31 March. From 2024/25 profits will be taxed on a tax year basis. The profit from the end of the accounting period to 5 April 2024 is the transitional profit.

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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.

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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? What happens if I’ve been earning Esports income for a few years and didn’t tell HMRC?

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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).

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Menzies

JUNE 6, 2023

Menzies LLP - A leading chartered accountancy firm. It is expected that from 6 April 2024 a new points-based penalty system will be introduced to replace the existing penalty regime for late returns. The offshore category uplifts referred to earlier can also apply.

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Menzies

JULY 27, 2023

Menzies LLP - A leading chartered accountancy firm. When pension contributions in a year exceed the individual’s AA, the excess is taxed at the individual’s marginal rate of income tax. The available AA is also tapered by £1 for each £2 when income exceeds a defined limit.

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Menzies

NOVEMBER 30, 2022

Menzies LLP - A leading chartered accountancy firm. From April next year, the dividend allowance will be cut from £2,000 to £1,000 and from April 2024 it will halve again to £500. From April the annual exemption amount for capital gains tax will fall from £12,300 to £6,000 2023, before dropping again to £3,000 from April 2024.

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Menzies

OCTOBER 30, 2024

Menzies LLP - A leading chartered accountancy firm. The 2024 Autumn Budget introduces rising costs for tech employers through increased National Insurance and wage requirements, while offering targeted relief for smaller tech businesses and investing in digital infrastructure to support sector growth.

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Menzies

OCTOBER 28, 2024

Menzies LLP - A leading chartered accountancy firm. An increase to capital gains tax? In their manifesto Labour promised not to raise income taxes, so we can reasonably expect the Government will be targeting other taxes in order to help raise funds to cover the so-called £20bn ‘black hole’.

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Going Concern

JUNE 14, 2024

Accounting Firm Leaders Discuss Challenges/Benefits of a Remote Workforce [ Thomson Reuters ] Employers and payroll professionals face a complex web of challenges while managing remote and hybrid work arrangements, particularly concerning state income tax withholding and compliance with varying state labor laws.

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Going Concern

FEBRUARY 16, 2024

Belgian accounting sector is overworked and turning away new clients [ The Brussels Times ] A significant portion of accounting firms across Belgium are contemplating downsizing as their workload continues to surge, raising alarms within the sector about potential implications for small businesses and startups, L’Echo reports.

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Going Concern

FEBRUARY 23, 2024

Sadly, I had to argue with them over their own language in black and white on how… — Eric Pierre, CPA (@yourfavecpa) February 22, 2024 Deloitte’s Adam Powick wrestles with the complaints of former staff and directors about the pressure to perform in a gruelling corporate culture. in last 12 months.

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Going Concern

JANUARY 5, 2024

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. And take our 2024 Predictions for the Accounting Profession survey ! Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default.

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