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.

Tax 52

Tax income tax chartered accountant accounting and finance 52

Menzies

FEBRUARY 19, 2024

Menzies LLP - A leading chartered accountancy firm. Did you know under Extra Statutory Concession A19 (ESC A19) HMRC have the power to write off income tax and capital gains tax you owe in respect of historic periods where the underpayment is due to an HMRC error or administrative failure?

Tax 52

Tax income tax chartered accountant accounting firms 52

Menzies

APRIL 18, 2024

Menzies LLP - A leading chartered accountancy firm. The rules exist to ensure that in circumstances where a worker or contractor meets the definition of an employee, that worker pays broadly the same income tax and National Insurance contributions to that of a PAYE employee. What is IR35?

chartered accountant 64

chartered accountant Entertainment income tax Healthcare 64

Menzies

MARCH 1, 2023

Menzies LLP - A leading chartered accountancy firm. No national insurance is due on interest payments and the company will obtain a corporation tax deduction for the gross interest paid. Care needs to be taken to ensure 20% income tax is withheld by the company and paid to HMRC via a CT61 return.

income tax 52

income tax corporation tax chartered accountant Tax 52

Menzies

NOVEMBER 22, 2022

Menzies LLP - A leading chartered accountancy firm. However, delaying employment income will only offer a NIC saving for directors, as employees are already back on ‘normal’ NICs from November 2022. This means Catherine will pay an extra £1,000 income tax by trying to avoid a small additional NIC charge.

income tax 52

income tax chartered accountant Tax Legal 52

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.

Technology 52

Technology income tax chartered accountant Tax 52

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”. If this area is targeted, we may see the introduction of a top rate for gains above a certain threshold or even an alignment with income tax rates.

tax services 59

tax services Tax income tax Agriculture 59

Menzies

MARCH 1, 2023

Menzies LLP - A leading chartered accountancy firm. Losses are entitled to corporation tax credits by offsetting a trading loss against profits from gains from the same or previous periods, with remaining losses being available for offset in the future. Tax An LLP is not liable to tax, with partners taxed as individuals.

corporation tax 52

corporation tax income tax chartered accountant Legal 52

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).

Tax 52

Tax Georgia income tax tax return 52

Menzies

JANUARY 21, 2023

Menzies LLP - A leading chartered accountancy firm. The Seed Enterprise Investment Scheme (SEIS) and Enterprise Investment Scheme (EIS) provide significant tax incentives for external investment into developing technology companies. The maximum subscription for EIS in any tax year which can qualify for relief is £1million.

Technology 52

Technology income tax tax return Tax 52

Menzies

APRIL 3, 2023

Menzies LLP - A leading chartered accountancy firm. Download Menzies 2023/24 Tax Rate Cards The Menzies Tax Rate card outlines the business and individual tax rates for the coming tax year (2023/24).

Tax 40

Tax chartered accountant income tax corporation tax 40

Menzies

NOVEMBER 21, 2023

Menzies LLP - A leading chartered accountancy firm. Value Added Tax The situs and use of Cryptoassets must be addressed within the VAT legislation, at present there is a lack of guidance which in turn causes great uncertainty of the accurate taxation of this asset class.

chartered accountant 52

chartered accountant income tax corporation tax accounting and finance 52

Menzies

APRIL 4, 2024

Menzies LLP - A leading chartered accountancy firm. It is important to understand the value of your holding to anticipate any future tax liabilities or take advantage of losses. On the winding up of any mining businesses, we can advise you in respect of any potential tax reliefs available at this stage.

chartered accountant 52

chartered accountant income tax tax return Tax 52

Menzies

MAY 11, 2023

Menzies LLP - A leading chartered accountancy firm. One of the main aspects you need to think about when becoming Self Employed is the tax position and ensuring that you meet the tax reporting requirements. Income tax is payable on the profit.

chartered accountant 52

chartered accountant income tax tax return Transportation 52

Menzies

JUNE 5, 2022

Menzies LLP - A leading chartered accountancy firm. And are there tax consequences you should be aware of? In this article we will look to provide an explanation of the tax implications that may arise for those involved with Cryptoassets. Income Tax. Income Tax rates. But what does it all mean?

Tax 52

Tax income tax chartered accountant Non-Profits 52

Menzies

NOVEMBER 7, 2022

Menzies LLP - A leading chartered accountancy firm. Pensions and ISAs both offer tax advantages and form the foundation of any investment planning. The benefits of both types of investment increase as an individual’s marginal rates of tax rise. Other eligibility and access restrictions also apply. Conclusion.

income tax 52

income tax chartered accountant Tax Government 52

Menzies

JUNE 29, 2023

Menzies LLP - A leading chartered accountancy firm. Investing in cryptoassets is becoming more commonplace, but only 42% of crypto owners were aware there might be tax to pay when using crypto in a survey commissioned by HMRC in 2022. If there is a trade, income tax takes priority over capital gains tax.

income tax 52

income tax chartered accountant tax return Tax 52

Menzies

AUGUST 8, 2022

Menzies LLP - A leading chartered accountancy firm. Although there is currently no tax regulation regarding NFTs from HMRC, it is vital to remember that all profits generated from trading NFTs must be declared for tax purposes. Potential investors can create an account on a variety of available platforms.

income tax 52

income tax chartered accountant Tax Gaming 52

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.

Technology 52

Technology chartered accountant income tax Government 52

Menzies

NOVEMBER 24, 2022

Menzies LLP - A leading chartered accountancy firm. Current rules: the amount an investor can claim income tax relief on is restricted to £100,000 per tax year. This relates to the qualifying investment amount, rather than the tax relief). How is the SEIS changing? Investment limit.

chartered accountant 52

chartered accountant accounting and finance income tax Tax 52

Accounting Insight

NOVEMBER 7, 2023

The NHS budget in 2023 at around £190 billion is about the same as the total income tax collected in the UK in 2021. The author Gordon Berry is a Master Practitioner in Neuro-Linguistic-Programming, Certified Coach, Certified Hypnotherapist, and Time-Line-Therapist and also a Chartered Accountant and a Chartered Tax Adviser.

chartered accountant 69

chartered accountant income tax Start-ups Maine 69

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).

tax return 52

tax return chartered accountant income tax Tax 52

Menzies

FEBRUARY 27, 2023

Menzies LLP - A leading chartered accountancy firm. The DDS can be used to disclose underpayments of income tax, capital gains tax, inheritance tax, corporation tax, national insurance (NIC) and the annual tax for enveloped dwellings (ATED). When can the digital disclosure service be used?

chartered accountant 52

chartered accountant income tax corporation tax Tax 52

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?

Sports 59

Sports Tax tax return chartered accountant 59

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.

income tax 52

income tax Tax chartered accountant tax return 52

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. Don’t sell!

Tax 45

Tax income tax chartered accountant accounting firms 45

Menzies

FEBRUARY 3, 2023

Menzies LLP - A leading chartered accountancy firm. You should try to get in to the habit of regularly reviewing the amount you have set aside so that you have enough to cover your tax liabilities as they become due. Set up a separate business bank account. Set aside money to make the tax payment.

tax return 52

tax return accounting and finance chartered accountant Tax 52

Menzies

JUNE 6, 2023

Menzies LLP - A leading chartered accountancy firm. A complex set of rules This article only provides a high-level overview of the new penalty regime as they apply to income tax self-assessment, and where other heads of tax are in point alternative penalty rates are likely to apply.

Tax 52

Tax income tax chartered accountant accounting and finance 52

Menzies

MARCH 1, 2023

Menzies LLP - A leading chartered accountancy firm. For the employer, no tax liabilities are triggered and there is tax relief on the difference between the market value of the share at exercise and the option price paid.

Tax 52

Tax Non-Profits chartered accountant income tax 52

Menzies

NOVEMBER 2, 2022

Menzies LLP - A leading chartered accountancy firm. Research and Development (R&D) tax relief is intended to promote and reward scientific and technological innovation in the UK. The eligibility criteria must be amended to take account of these changes. Plans To Restrict Overseas Costs.

Tax 52

Tax chartered accountant income tax Start-ups 52

Menzies

AUGUST 17, 2022

Menzies LLP - A leading chartered accountancy firm. For instance, it can be more tax efficient to manage a portfolio of property within a corporate structure, especially if the landlord intends to leave profits in the business for reinvestment. Is now the best time to incorporate? Limited liability status.

Real Estate 52

Real Estate chartered accountant accounting and finance income tax 52

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.

chartered accountant 52

chartered accountant income tax Tax Hospitality 52

Menzies

MAY 19, 2023

Menzies LLP - A leading chartered accountancy firm. The UK tax system is designed in such way as to provide the taxpayer with important safeguards. To balance HMRC’s power to raise an assessment with protecting the taxpayer, specific time limits are imposed on HMRC to raise an assessment for a loss of tax.

Tax 52

Tax chartered accountant income tax corporation tax 52

Menzies

NOVEMBER 18, 2022

Menzies LLP - A leading chartered accountancy firm. The update in question provides advice regarding the tax treatment of cryptoassets, allowing traders to efficiently organise their digital assets. Though for people who are not used to self-assessment tax forms, it can be too complex and heavy.

Non-Profits 52

Non-Profits chartered accountant Tax income tax 52

Menzies

MAY 18, 2022

Menzies LLP - A leading chartered accountancy firm. The media storm surrounding the news that Akshata Murthy is treated as non-domiciled for UK tax purposes highlights the need to challenge common misconceptions and increase awareness of the beneficial impact that individuals with this status have on the UK economy.

chartered accountant 52

chartered accountant Tax income tax tax return 52

Menzies

NOVEMBER 30, 2022

Menzies LLP - A leading chartered accountancy firm. This will drag a substantial number of people from the 40% tax rate into the 45% tax rate, with those whose income is over £150,000 paying an additional £1,243 of tax per year. This change will affect both middle earners, and those with a higher income.

chartered accountant 52

chartered accountant Non-Profits Tax income tax 52

Menzies

MAY 10, 2022

Menzies LLP - A leading chartered accountancy firm. Many of us will have received our first payslip of the new tax year and seen a reduction in our take-home pay, and many finance directors will have seen an increase in their employment costs. Based on tax and NI rates for 2022-23. Net Pay £18,883.10 £19,042.10

chartered accountant 40

chartered accountant income tax accounting and finance Maine 40