Menzies

OCTOBER 30, 2024

Menzies LLP - A leading chartered accountancy firm. Made Smarter Adoption Programme Funding for the Made Smarter Adoption programme will double to £16 million in 2025-26, supporting more small manufacturing businesses to adopt advanced digital technologies and enabling the programme to be expanded to all nine English regions.

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Menzies

MARCH 25, 2024

Menzies LLP - A leading chartered accountancy firm. Therefore, any EMI share options granted between 6 April 2024 and 5 April 2025 must electronically notify to HMRC by 6 July 2025. Therefore, any EMI share options granted between 6 April 2024 and 5 April 2025 must electronically notify to HMRC by 6 July 2025.

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Menzies

JUNE 5, 2024

Menzies LLP - A leading chartered accountancy firm. LATEST UPDATE Groups within the scope of Pillar 2 in the UK will need to register with HMRC within 6 months of the Group’s first accounting period starting on or after 31 December 2023. WHAT IS PILLAR 2?

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Menzies

SEPTEMBER 23, 2024

Menzies LLP - A leading chartered accountancy firm. Private rental sector The Government has already announced that it hopes a ban on no fault evictions will be in place by summer 2025. The Labour Government has already warned that its first fiscal budget will be painful.

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Menzies

MARCH 6, 2024

Menzies LLP - A leading chartered accountancy firm. The regime will not be scrapped until April 2025 but it has been announced that anti-forestalling rules will be introduced to prevent unconditional contracts being used to secure certain tax benefits in the interim.

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Menzies

AUGUST 15, 2024

Menzies LLP - A leading chartered accountancy firm. The first reports due from online platforms will be in respect of the 2024 calendar year, to be submitted to HMRC in January 2025. Overview HMRC have advised they are currently targeting dog and cat breeders who may have undisclosed income from the breeding and sale of animals.

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Menzies

NOVEMBER 24, 2023

Menzies LLP - A leading chartered accountancy firm. The Chancellor, Jeremy Hunt, has delivered his Autumn Statement to Parliament earlier, which includes 110 measures for growth across the board.

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Menzies

SEPTEMBER 19, 2024

Menzies LLP - A leading chartered accountancy firm. However, the 2022/23 tax gap figures that have recently been published overwhelmingly demonstrate that it’s small businesses that account for the majority of the tax gap at 60% (approximately £24 billion) of lost tax in 2022/23.

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Menzies

SEPTEMBER 2, 2022

Menzies LLP - A leading chartered accountancy firm. This was due to end in April 2021 and will now come to an end in April 2025. The government has extended the availability of 100% first year allowances on the acquisition of cars, zero-emissions goods vehicles and equipment.

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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.

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CPA Practice

JULY 8, 2024

AICPA News is a collection of recent announcements from the American Institute of CPAs and the Chartered Institute of Management Accountants. The survey polls chief executive officers, chief financial officers, controllers and other certified public accountants in U.S. A complete copy of the report can be found on aicpa.org.

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Menzies

OCTOBER 30, 2024

Menzies LLP - A leading chartered accountancy firm. The current intention is that VAT will be imposed with effect from 1 January 2025. If you already have a government gateway account, you will use the same account, alternatively you can ask your advisers to prepare and submit the application for you.

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Menzies

JANUARY 29, 2024

Menzies LLP - A leading chartered accountancy firm. The first reports made by the online platforms about their users must be submitted to HMRC before 31 January 2025. As such we expect HMRC will consider opening a targeted disclosure facility aimed at users of online platforms in the coming months.

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Menzies

AUGUST 18, 2023

Menzies LLP - A leading chartered accountancy firm. This provides a grace period of 18 months, until 1 February 2025, for producers and importers to adjust their practices accordingly and help minimise disruption to the wine industry. These businesses are allowed to use an ‘assumed strength’ of 12.5%

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Menzies

OCTOBER 27, 2023

Menzies LLP - A leading chartered accountancy firm. For example, if you start earning income from Esports in June 2023, you would need to notify HMRC by 5 October 2024, and file your first tax return by 31 January 2025, and annually thereafter. First things first – don’t panic.

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Menzies

JANUARY 10, 2024

Menzies LLP - A leading chartered accountancy firm. In January 2023 we wrote about how HMRC had started to target taxpayers who they suspected may have an undisclosed income from their online trading. As such we expect HMRC will consider opening a targeted disclosure facility aimed at users of online platforms in the coming months.

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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.

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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. In the transition year, HMRC are asking for tax ‘up front’ on the profits arising in the period from the accounting year end to the end of the tax year. Current rules.

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Menzies

SEPTEMBER 20, 2024

Menzies LLP - A leading chartered accountancy firm. We are hopeful that any drastic changes will have a transition period before they come in and are then introduced from 5 th April 2025. This Autumn Budget will be announced against a backdrop of plateaued economic growth, diminishing living standards and above target inflation.

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Menzies

JULY 26, 2023

Menzies LLP - A leading chartered accountancy firm. TOM will do this through the ability to set our own border policy and use of technology set out in the 2025 UK Border Strategy. TOM will simplify and digitise processes, to be delivered through the UK’s new Single Trade Window (STW).

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Menzies

JULY 18, 2023

Menzies LLP - A leading chartered accountancy firm. The SME market is currently unregulated when it comes to ESG but frameworks are expected to come down the line as soon as 2025. ESG stands for Environmental, Social, and Governance. It is a framework for evaluating the sustainability and ethical impact of an organisation.

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Menzies

AUGUST 1, 2023

Menzies LLP - A leading chartered accountancy firm. This must take place no later than 28January 2025. It is crucial for non-doms residing in the UK to reassess their financial arrangements due to the growing uncertainty surrounding their status. If elected, this will mean UK non-doms could effectively become domiciled.

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Menzies

AUGUST 21, 2024

Menzies LLP - A leading chartered accountancy firm. Following on from this, their latest “Ambition 2025” progress report has identified that resource efficiency has become more critical than ever in the face of recent global conflicts, high inflation and sharp increases in energy and ingredient prices.

Manufacturing 40

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Menzies

OCTOBER 18, 2024

Menzies LLP - A leading chartered accountancy firm. Background With effect from 31 January 2025, goods imported from the EU into Great Britain, must be covered by a safety and security declaration, or Entry Summary Declaration (ENS).

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Menzies

NOVEMBER 7, 2024

Menzies LLP - A leading chartered accountancy firm. Regulatory changes driving the need for ESG Assurance The regulatory landscape is evolving, with governments and regulatory bodies worldwide pushing for greater transparency and accountability in ESG reporting.

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Menzies

NOVEMBER 18, 2024

Menzies LLP - A leading chartered accountancy firm. In summary, from April 2025 employers must pay national insurance at a rate of 15% (currently 13.8%) on employee earnings in excess of £5,000 (currently, £9,100). We have used the expected national insurance rates and tax thresholds due to come into effect from April 2025.

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Menzies

NOVEMBER 13, 2024

Menzies LLP - A leading chartered accountancy firm. With the Chancellor indicating forecast moderate growth of 2% in 2025, financial planning and risk management strategies have never been so vital for businesses in today’s economic climate.

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Menzies

OCTOBER 30, 2024

Menzies LLP - A leading chartered accountancy firm. for all employees in April 2025. percentage points in April 2025. No increase in taxes on ‘working people’ As promised, the Chancellor did not raise ‘taxes for working people’, i.e. income tax and employee’s National Insurance. The interest rate is currently 7.5%

Technology 59

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Menzies

OCTOBER 28, 2024

Menzies LLP - A leading chartered accountancy firm. It is also possible that the Government will continue the trend of slashing the annual exempt amount in 2025/26, which would mean even more crypto owners would begin to owe tax on their activity. An increase to capital gains tax? When will CGT increase?

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Menzies

OCTOBER 31, 2024

Menzies LLP - A leading chartered accountancy firm. I can imagine firms will be remodelling 2025 budgets given this increased cost base. Despite this, planning opportunities from tax changes could benefit firms, especially those in estate and client transaction services, if client activity remains strong.

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Menzies

SEPTEMBER 27, 2024

Menzies LLP - A leading chartered accountancy firm. Often these E-Invoices are issued via a central interface (often government managed) to legitimise the invoice and automatically store it within both the issuing and receiving entity’s tax account. This Roadmap will set out HMRC’s vision to be a digital-first organisation.

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Menzies

SEPTEMBER 27, 2024

Menzies LLP - A leading chartered accountancy firm. Often these E-Invoices are issued via a central interface (often government managed) to legitimise the invoice and automatically store it within both the issuing and receiving entity’s tax account. This Roadmap will set out HMRC’s vision to be a digital-first organisation.

chartered accountant 52

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Menzies

SEPTEMBER 27, 2024

Menzies LLP - A leading chartered accountancy firm. Often these E-Invoices are issued via a central interface (often government managed) to legitimise the invoice and automatically store it within both the issuing and receiving entity’s tax account. – potential for greater visibility and understanding of VAT obligations.

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Menzies

NOVEMBER 4, 2024

Menzies LLP - A leading chartered accountancy firm. Key Challenges in Hospitality in 2024 – 2025 The hospitality industry is set to face a number of challenges through the next 12 months or so. ESG is a vast and ever-changing topic that is no longer background noise and should be considered the backbone of any business.

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Menzies

OCTOBER 7, 2024

Menzies LLP - A leading chartered accountancy firm. Businesses should be fully prepared for them by 31 March 2025. Please note that the following is all subject to agreement and so is an outline of the current proposed trading landscape for Northern Ireland.

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Menzies

OCTOBER 7, 2024

Menzies LLP - A leading chartered accountancy firm. Businesses should be fully prepared for them by 31 March 2025. Please note that the following is all subject to agreement and so is an outline of the current proposed trading landscape for Northern Ireland.

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Going Concern

OCTOBER 4, 2024

SEC Charges Olayinka Oyebola and His Accounting Firm With Aiding and Abetting Massive Fraud [ SEC ] The Securities and Exchange Commission charged Olayinka Oyebola and his Public Company Accounting Oversight Board-registered accounting firm, Olayinka Oyebola & Co. The invoice amount wasn’t disclosed.

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