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?

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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).

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Menzies

MAY 11, 2023

Menzies LLP - A leading chartered accountancy firm. One of the main aspects you need to think about when becoming a landlord is the tax position and ensuring that you meet the tax reporting requirements. The income will be taxed at your marginal rate.

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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.

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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.

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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?

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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.

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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.

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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.

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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.

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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.

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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

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!

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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. They are particularly relevant to developing high growth technology companies.

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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

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.

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Menzies

AUGUST 23, 2024

Menzies LLP - A leading chartered accountancy firm. At what point do these gifts constitute taxable income? When does an influencer need to declare these gifts in their business accounts? Getting tax advice is therefore essential to financially prepare yourself for these tax implications.

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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.

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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. Private Key.

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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).

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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

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?

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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.

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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.

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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

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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.

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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.

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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 best way to do this is to ensure the R&D tax relief scheme is fit for purpose and genuinely encouraging innovation in the UK.

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Reckon

APRIL 6, 2024

An accountant goes further and creates insights and deeper recommendations and analysis based on this data. They also provide tax advice, undertake compliance work, produce financial statements and income tax returns. If you feel you need richer advice, you may wish to consult an accountant.

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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. Conclusion. For companies, the way forward is now clear.

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Menzies

APRIL 4, 2023

Menzies LLP - A leading chartered accountancy firm. To allow HMRC to check that the correct amounts of tax have been paid by taxpayers, they have been afforded formal legal powers to request information and documents from taxpayers. These powers are contained within Schedule 36 to Finance Act 2008.

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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.

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Menzies

MARCH 15, 2024

Menzies LLP - A leading chartered accountancy firm. 30,360 Capital gains tax @ 10% 22,000 Total tax payable 133,760 22,000 Growth shares Another tax efficient scheme and alternative to EMI is the use of growth shares.

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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. Content created by Private Client Assistant Manager, Rachael Smith.

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Menzies

OCTOBER 24, 2023

Menzies LLP - A leading chartered accountancy firm. Doing so provides the outgoing majority shareholder(s) with an effective and efficient means to dispose of their shares, as well as a substantial tax advantage compared with other methods of disposal. This could result in unexpected income tax charges for the vendors.

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Menzies

APRIL 25, 2023

Menzies LLP - A leading chartered accountancy firm. In this instance, it is vital that the local income tax and social security obligations are met, and the appropriate work permits are in place. Have you tested the market by completing a few overseas projects or selling through a distributor?

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Menzies

AUGUST 1, 2023

Menzies LLP - A leading chartered accountancy firm. A fundamental question for most corporate owner managers is how to most efficiently extract profits from their company, especially in light of the frequently changing rules and tax rates / thresholds.

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