Menzies

NOVEMBER 27, 2023

Menzies LLP - A leading chartered accountancy firm. Understanding the differences between the available allowances is crucial for enhancing tax savings and bolstering cash flow, particularly in the early stages of a tech enterprise, where capital investments may be significant.

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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

JANUARY 20, 2023

Menzies LLP - A leading chartered accountancy firm. We’re devised this ‘Finance Directors’ tax toolkit’ to highlight the ways in which Menzies often help large and multinational companies including business tax, employment solutions and innovation incentives (e.g.

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Menzies

MARCH 1, 2023

Menzies LLP - A leading chartered accountancy firm. GAINING R&D KNOWLEDGE CAN BRING REWARDS FOR YOUR PROPERTY BUSINESS Relatively few surveyors claim research and development (R&D) tax relief, despite the fact that many activities meet the scheme’s eligibility criteria. depending on your tax rate from 1 April 2023).

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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

JUNE 15, 2022

Menzies LLP - A leading chartered accountancy firm. Despite this growth in conducting cross-border transactions, the tax implications of such arrangements are all too often overlooked. Despite this growth in conducting cross-border transactions, the tax implications of such arrangements are all too often overlooked.

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Menzies

AUGUST 8, 2023

Menzies LLP - A leading chartered accountancy firm. HMRC have introduced new rules for the submission of R&D tax relief claims. This is with reference to the date the claim is filed, not the accounting period date, so any claims filed from 8 August 2023 onwards will need to comply with these new rules.

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Menzies

AUGUST 4, 2024

Menzies LLP - A leading chartered accountancy firm. For companies that pay the full rate of corporation tax, this reduces the cost of plant and machinery by 25% in the year in which it is purchased.

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Menzies

MAY 10, 2022

Menzies LLP - A leading chartered accountancy firm. The relief is only available to companies subject to corporation tax. SMEs obtain an additional tax deduction of 130% of the qualifying R&D expenditure, meaning: Profitable companies paying tax. An SME who is tax paying will save £24.70

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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

MARCH 1, 2023

Menzies LLP - A leading chartered accountancy firm. The LLP and each member must file self-assessment returns annually (see tax below). Tax An LLP is not liable to tax, with partners taxed as individuals. Shareholders wishing to receive a salary will be subject to income tax just as those in an LLP.

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Menzies

MAY 22, 2024

Menzies LLP - A leading chartered accountancy firm. HMRC have an ongoing campaign to tackle non-compliance connected with offshore corporate entities owning UK property, and we are seeing an increase in this activity in 2024. What is ATED?

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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

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

MARCH 1, 2023

Menzies LLP - A leading chartered accountancy firm. This can be particularly challenging in an LLP, as tax is paid by the members on the profits made, but then they may need to leave cash in the business. Dividends are usually preferential to salary from a personal tax perspective (see R&D below).

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Menzies

NOVEMBER 9, 2023

Menzies LLP - A leading chartered accountancy firm. Tax Major tax changes are unlikely. Buy to let After changes to the buy to let interest relief were bought in many landlords have chosen to start limited company so they are paying close attention to the rate of corporation tax.

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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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Menzies

NOVEMBER 9, 2023

Menzies LLP - A leading chartered accountancy firm. Reintroducing Extended Loss Carry Back Rules: To facilitate immediate access to tax benefits and promote investment funding, we suggest the reintroduction of extended loss carry back rules.

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Menzies

JANUARY 18, 2024

Menzies LLP - A leading chartered accountancy firm. When it comes to accounting year ends, most UK companies tend to fall into one of three categories. They choose a 31 March year end as it broadly ties up with the UK tax year. When do I need to pay my corporation tax?

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Menzies

MAY 12, 2022

Menzies LLP - A leading chartered accountancy firm. Land remediation relief provides corporation tax relief at the rate of 150 percent of qualifying costs incurred by developers on such projects. This is similar to how the R&D tax relief regime operates. Natasha Spicer – ACA. Senior Manager. View profile.

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Menzies

NOVEMBER 21, 2023

Menzies LLP - A leading chartered accountancy firm. Considering the taxes mentioned below plus ensuing Corporation tax and Stamp duty is also addressed accordingly. To enable a consistent approach to be taken when considering the UK tax treatment of such assets.

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Menzies

JULY 9, 2024

Menzies LLP - A leading chartered accountancy firm. The R&D tax credits scheme was not specifically mentioned in Labour’s election manifesto – further to significant recent changes to the regime, businesses may welcome some clarity and stability in this area.

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Menzies

APRIL 12, 2024

Menzies LLP - A leading chartered accountancy firm. Strategic divestments could help to raise the funds needed to invest, which may in turn help to minimise corporate tax liabilities by creating an opportunity to claim R&D tax relief.

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Menzies

JANUARY 29, 2024

Menzies LLP - A leading chartered accountancy firm. Likewise, if you add to this wages, payroll taxes, VAT, corporation tax payments, loan repayments, deposit movements and other overheads, the situation can become even more complicated. As sales dip after the festive season, maintaining cash flow becomes crucial.

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Menzies

FEBRUARY 13, 2024

Menzies LLP - A leading chartered accountancy firm. Corporation Tax A reduction in the headline rate of corporation tax to support UK business in a challenging economic climate. What could we expect to see from the Spring Budget 2024? April 2017?, [RG1]

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Menzies

AUGUST 31, 2023

Menzies LLP - A leading chartered accountancy firm. A loan made to a shareholder which is outstanding nine months after the company’s year end could leave the company liable for Corporation Tax at a rate of 33.75 Moreover, there could be effects on the individual’s personal tax position. per cent on the loan.

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Menzies

FEBRUARY 15, 2023

Menzies LLP - A leading chartered accountancy firm. The stamp duty land tax (SDLT) surcharge for overseas buyers of residential property was introduced on the 6th April 2021. The surcharge applies to non-resident individuals, partnerships and companies buying UK residential property, as well as certain trusts.

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Menzies

OCTOBER 6, 2023

Menzies LLP - A leading chartered accountancy firm. This new allowance enables companies to claim a 100% deduction for tax purposes in the year of spend on particular capital investments. As a result, potentially seeing significant tax savings. Who Is Eligible to Claim the Allowance?

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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. It would be a good time therefore to invest in upskilling the UK workforce in digital skills.

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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

JULY 29, 2024

Menzies LLP - A leading chartered accountancy firm. They do not have any special tax reliefs and will pay tax on their profits like “normal” limited companies. Accounts will be similar to those for normal limited companies. They are subject to normal corporation tax rules subject to some modifications.

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Menzies

FEBRUARY 27, 2023

Menzies LLP - A leading chartered accountancy firm. COP9 is relevant where HMRC either suspect, or the individual chooses to voluntarily disclose, that their deliberate action or inaction has led to an insufficient amount of tax being paid. How does the digital disclosure service work? Higher financial penalties.

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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 21, 2023

Menzies LLP - A leading chartered accountancy firm. This relief is temporary and will end on 31 March 2026 but for companies that take advantage of it will enable up to £250 of each £1,000 of capital spend to be recovered against their tax bill and so potentially significant tax savings are available.

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Menzies

MARCH 15, 2024

Menzies LLP - A leading chartered accountancy firm. On the face of it, the award of equity to an employee is a taxable benefit, subject to tax in the same way as a cash bonus, which can be problematic where employees receive shares without any cash to settle the arising tax liability.

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Menzies

MARCH 1, 2023

Menzies LLP - A leading chartered accountancy firm. For LLPs, tax is payable by partners which can sometimes be overlooked by individuals who then draw further funds to cover their liabilities. To alleviate such a potential issue, consider withholding the tax payable rather than leaving individual partners to do it.

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Menzies

AUGUST 17, 2022

Menzies LLP - A leading chartered accountancy firm. Tax restrictions. The move to this business structure was mainly due to changes to tax that restricted the total tax relief that individual landlords could claim on the financing costs of their residential properties. Incorporating and Taxes.

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