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

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

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

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.

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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

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

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?

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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

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

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

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

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

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

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

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

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

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

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

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

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?

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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

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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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.

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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

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.

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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 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.

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Menzies

FEBRUARY 3, 2023

Menzies LLP - A leading chartered accountancy firm. For a self-employed barrister, we would recommend that you make efforts to set aside money to pay tax and student loans and make voluntary Class 2 NI payments to help qualify you for benefits (e.g. state pensions and allowances).

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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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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

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. It may also be beneficial where there has been a less profitable year of trading and the individual is taxed at a lower rate of income tax in one of the following 5 years.

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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. This change will affect both middle earners, and those with a higher income.

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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

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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