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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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.

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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

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

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. They should know if the profits are likely to be taxed as income tax or as capital gains.

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Menzies

APRIL 25, 2023

Menzies LLP - A leading chartered accountancy firm. Will activities constitute a corporate tax presence? UK-based businesses seeking to operate in the EU for the first time need to establish whether their activities will constitute a corporate tax presence – a ‘permanent establishment’.

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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?

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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

MARCH 15, 2024

Menzies LLP - A leading chartered accountancy firm. The example is relatively simplistic, and we have ignored the corporation tax relief available but illustrates the tax benefits. At this point the value of the company has risen to £5m.

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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

JANUARY 27, 2025

Menzies LLP - A leading chartered accountancy firm. Enterprise Management Incentives (EMIs) are a powerful tool for small trading companies and groups which can be used to attract, motivate and retain top talent by giving the opportunity to have skin in the game in a UK tax efficient manner. What is an EMI ?

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