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. Overall, despite the AIA limit reducing and the removal of super-deduction in April 2023, there are still some generous tax treatments for energy efficient vehicles. Donna Kenyon. View profile.

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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. Schools, their representative bodies and tax advisors are invited to contact HRMC by email at vatonprivateschoolfees@hmrc.gov.uk Is there an HMRC helpline for schools?

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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. 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?

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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? If you receive any prize money from outside the UK, tax may be withheld on these earnings.

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CPA Practice

JULY 8, 2024

Among other findings of the survey: “Keeping up with changes and complexity of tax laws” is a significant issue for sole practitioners through midsize firms. Sid Kess Award for Excellence in Continuing Education The Sid Kess Award for Excellence in Continuing Education was presented to Tony Nitti, CPA, MST, a National Tax Partner at EY.

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Menzies

SEPTEMBER 20, 2024

Menzies LLP - A leading chartered accountancy firm. With a recent change in Government promising to fill the tax gap, the Prime Minister has warned the budget will be “painful”. Capital Gains Tax It is widely expected that we will see an increase to capital gains tax rates, particularly on residential property.

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Menzies

SEPTEMBER 19, 2024

Menzies LLP - A leading chartered accountancy firm. The Hospitality & Leisure industry accounts for around 10% of the UK’s overall energy consumption and creates carbon emissions of around 8 million tonnes per year.

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Menzies

MARCH 25, 2024

Menzies LLP - A leading chartered accountancy firm. Under the new legislation, the deadline to report the grant of new EMI share options is now 6 July following the end of the tax year in which they were granted. HMRC has recently changed the time limit on the reporting for new EMI notifications granted from 6 April 2024.

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Menzies

MARCH 6, 2024

Menzies LLP - A leading chartered accountancy firm. The FHL regime has been around for years and provides individuals and companies who hire out furnished properties as holiday lets with various tax advantages. In recent years the number of landlords providing furnished holiday homes has increased significantly.

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Menzies

SEPTEMBER 23, 2024

Menzies LLP - A leading chartered accountancy firm. With an estimated £22 billion black hole to fill its likely that taxes will increase, and public spending will be cut. Private rental sector The Government has already announced that it hopes a ban on no fault evictions will be in place by summer 2025.

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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. In 2015 The sale of UK residential property by non-residents became liable to UK tax.

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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. Labour’s manifesto pledged not to increase income taxes, so we can expect other taxes to be in the firing line – for example inheritance tax and stamp duties may be impacted.

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Menzies

JUNE 26, 2024

Menzies LLP - A leading chartered accountancy firm. Their manifesto is light on business tax policies, with no specific incentives for businesses, and their pledges focus on commitments to maintaining existing regimes, reliefs, and tax incentives for businesses. See below what has been proposed.

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Menzies

JUNE 26, 2024

Menzies LLP - A leading chartered accountancy firm. Their manifesto is light on business tax policies, with no specific incentives for businesses, and their pledges focus on commitments to maintaining existing regimes, reliefs, and tax incentives for businesses. See below what has been proposed.

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Menzies

AUGUST 18, 2023

Menzies LLP - A leading chartered accountancy firm. In a recent press release The Wine and Spirit Trade Association is calling on Government to scrap alcohol tax hikes and help bring down inflation. With the introduction of Draught Relief, the tax burden on draught alcoholic products under 8.5%

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Menzies

JANUARY 10, 2024

Menzies LLP - A leading chartered accountancy firm. This will likely impact not just those with a tax issue to resolve, but those who don’t but just happen to be a user of online platforms. This is likely to have wide-reaching implications and catch individuals with no UK tax issues to correct.

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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.

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Menzies

AUGUST 1, 2023

Menzies LLP - A leading chartered accountancy firm. With mounting public debt, high levels of inflation, and rising costs, policymakers are under immense pressure to raise taxes for public services. This must take place no later than 28January 2025. Ultimately, this will strengthen their ties to the UK.

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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. 27% of the R&D spend.

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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. Don’t forget, there are favourable tax allowances aimed at innovation and installing/ purchasing environmentally friendly equipment.

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Menzies

MARCH 16, 2023

Menzies LLP - A leading chartered accountancy firm. The Framework secures changes to this, to ensure Northern Ireland will benefit from the same VAT and alcohol taxes applying in the rest of the UK.

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Menzies

DECEMBER 23, 2024

Menzies LLP - A leading chartered accountancy firm. As we approach 2025, businesses and individuals across various sectors are gearing up for a year of challenges and opportunities shaped by changes in taxation, economic stability, and evolving market dynamics.

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Menzies

MARCH 26, 2025

Menzies LLP - A leading chartered accountancy firm. The OBR have downgraded the UKs 2025 growth forecast from 2% to 1%. Staff costs is one of the highest costs for the H&L sector and a U-turn on hikes to National Insurance would have been welcomed as well as inheritance tax, however no announcements were made.

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Menzies

MARCH 6, 2025

Menzies LLP - A leading chartered accountancy firm. The Chancellor has committed to one major fiscal event a year in order to give families and businesses stability and certainty on upcoming tax and spending changes and, in turn, to support the governments growth mission.

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Menzies

MARCH 6, 2025

Menzies LLP - A leading chartered accountancy firm. The technology sector awaits the Spring Forecast 2025 amid fiscal uncertainty. We explore potential tax reversals, digital investment commitments, and the impact of policy changes on start-ups, growth, and digital transformation initiatives.

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Menzies

MARCH 6, 2025

Menzies LLP - A leading chartered accountancy firm. Ahead of the Spring Forecast, we outline key measures to reduce tax burdens, stimulate investment, and enhance consumer spending. Retailers welcome the governments focus on growth, but are grappling with rising costs. in lost GDP annually. in lost GDP annually.

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Menzies

MARCH 6, 2025

Menzies LLP - A leading chartered accountancy firm. Ahead of the Spring Forecast, we highlight key priorities, including crypto regulation, pension reforms, and measures to ease tax burdens on businesses. The financial services sector needs regulatory reform to drive innovation.

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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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Menzies

NOVEMBER 25, 2024

Menzies LLP - A leading chartered accountancy firm. FAQs Business and Agricultural Property Relief Changes On 30 October, we saw perhaps the most hyped budget of a decade (or so) in terms of the significance of the changes made, particularly in the realm of Inheritance Tax (IHT). The tax saving amounted to a maximum of 40%.

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Menzies

NOVEMBER 18, 2024

Menzies LLP - A leading chartered accountancy firm. One tax rise that Rachel Reeves did warn us of in advance of the budget was an increase in the employer Class 1 national insurance contributions rate. We have used the expected national insurance rates and tax thresholds due to come into effect from April 2025.

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Menzies

OCTOBER 31, 2024

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

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Menzies

JANUARY 17, 2025

Menzies LLP - A leading chartered accountancy firm. They are already in legislation and include the offences of false representation, failure to disclose information, fraudulent trading, false accounting, and tax evasion. Much has been written about Section 199 of the Economic Crime and Corporate Transparency Act.

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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.

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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.

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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.

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