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 10, 2024

Menzies LLP - A leading chartered accountancy firm. Companies House has released draft rules for directors, persons with significant control (PSCs) and others needing to verify their identity under changes due to come into effect in 2025. Exact date not yet published) What are the changes?

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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

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

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.

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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

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. Expectations for the short to mid-term We hope that the autumn budget will flesh out the Government’s plans for abolishing the non-domicile regime, due to take effect from April 2025.

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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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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

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. Following Labour’s election win, they have gone ahead with their intention to impose VAT on education provided outside of the state sector.

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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.

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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

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. With a recent change in Government promising to fill the tax gap, the Prime Minister has warned the budget will be “painful”.

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CPA Practice

JULY 8, 2024

Staffing, IRS Service Problems and Leadership Development are Top Issues for CPA Firms, AICPA Survey Finds Finding qualified staff is the top issue for all categories of accounting firms except sole practitioners, according to a biennial survey by the American Institute of CPAs’ firm practice management section.

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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. HMRC accept that this may require estimates for the period in which accounts have not yet been completed. From 2024/25 profits will be taxed on a tax year basis.

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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. However, what is becoming more of a risk is inaction within.

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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.

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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 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). What was not expected was the significant lowering in the threshold at which this becomes payable.

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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%

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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

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 31, 2024

Menzies LLP - A leading chartered accountancy firm. The Autumn Budget 2024’s increase in Employers’ National Insurance to 15% presents a significant cost burden for law firms across all structures, potentially affecting hiring and salary strategies.

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Menzies

SEPTEMBER 27, 2024

Menzies LLP - A leading chartered accountancy firm. The scheme is essentially aiming to accelerate the adoption of e-invoicing across all EU member states, resulting in widespread usage by 2030 via local government mandation within the countries involved (Germany are set to adopt the scheme in 2025, and France in 2026).

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Menzies

SEPTEMBER 27, 2024

Menzies LLP - A leading chartered accountancy firm. The scheme is essentially aiming to accelerate the adoption of e-invoicing across all EU member states, resulting in widespread usage by 2030 via local government mandation within the countries involved (Germany are set to adopt the scheme in 2025, and France in 2026).

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Menzies

SEPTEMBER 27, 2024

Menzies LLP - A leading chartered accountancy firm. The scheme is essentially aiming to accelerate the adoption of e-invoicing across all EU member states, resulting in widespread usage by 2030 via local government mandation within the countries involved (Germany are set to adopt the scheme in 2025, and France in 2026).

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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. Also, what are some specific examples of good ESG practice that can help a hospitality business move forward?

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Menzies

NOVEMBER 7, 2024

Menzies LLP - A leading chartered accountancy firm. In today’s rapidly changing business landscape, environmental, social, and governance (ESG) considerations have become a significant focus for companies, regulators, and investors.

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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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