Menzies

AUGUST 21, 2024

Menzies LLP - A leading chartered accountancy firm. Skilled workforce One of the main factors that make the UK an attractive location for manufacturing is its skilled workforce. The United Kingdom has long been a hub for manufacturing, with a rich history of industry and innovation.

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Menzies

MARCH 6, 2023

Menzies LLP - A leading chartered accountancy firm. This was the case even if it was going to be the buyer’s only property or if it was replacing the buyer’s only or main residence. This was the case even if it was going to be the buyer’s only property or if it was replacing the buyer’s only or main residence.

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Menzies

AUGUST 12, 2022

Menzies LLP - A leading chartered accountancy firm. The measures will apply for accounting periods commencing on or after 1 April 2023. The UK Government has tabled draft legislation setting out new transfer pricing documentation requirements that will affect the largest UK businesses. Uncertainty for UK businesses.

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Menzies

OCTOBER 21, 2022

Menzies LLP - A leading chartered accountancy firm. What’s in the Main pool? Main pool capital allowances offer tax relief for items that are moveable or classed as ‘plant and machinery’ including furniture, computers, and televisions. Claims made after this will have a greatly decreased return.

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Menzies

OCTOBER 27, 2023

Menzies LLP - A leading chartered accountancy firm. Stamp Duty Land Tax (SDLT) can be a significant expense for property investors and developers in England and Northern Ireland. However, by understanding and correctly applying the relevant tax reliefs, it is possible to significantly reduce the amount of SDLT that needs to be paid.

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Going Concern

JULY 29, 2024

All this time we thought it was going to be robots that take accounting jobs, it was Indians all along. Oh and reminder: the Institute of Chartered Accountants of India (ICAI) is working on a plan to consolidate India’s 96,000 little accountancy firms into mega-firms that they think could compete with Big 4 on the global stage. /PwC

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Menzies

NOVEMBER 24, 2023

Menzies LLP - A leading chartered accountancy firm. The Chancellor, Jeremy Hunt, has delivered his Autumn Statement to Parliament earlier, which includes 110 measures for growth across the board.

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Menzies

APRIL 28, 2022

Menzies LLP - A leading chartered accountancy firm. The UT concluded that these tests had been established too narrowly and that more weight should have been applied to the main function of the asset rather than just its appearance.

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Menzies

SEPTEMBER 6, 2024

Menzies LLP - A leading chartered accountancy firm.

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Menzies

JULY 26, 2023

Menzies LLP - A leading chartered accountancy firm. If you use Xero for your bookkeeping and accounts, you may have noticed at the top of the report pages a note stating that “It’s time to change to the new version of this report”. you won’t be able to access this for your July reporting onwards.

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Menzies

DECEMBER 7, 2022

Menzies LLP - A leading chartered accountancy firm. This article is a brief explainer of Loan-based crowdfunding firms and when they are covered by CASS 7. Essentially, CASS 7.10.7A notes that Loan-based crowdfunding firms that operate an electronic system in relation to P2P agreements are required to apply CASS 7. P2P = Peer-to-Peer.

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Menzies

SEPTEMBER 19, 2024

Menzies LLP - A leading chartered accountancy firm. With the new Labour Government’s first budget approaching on 30 th October 2024, our Hospitality & Leisure team are looking ahead to what Keir Starmer could do to alleviate the ongoing challenges faced by the sector.

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Menzies

NOVEMBER 27, 2023

Menzies LLP - A leading chartered accountancy firm. Under the full expensing scheme, businesses are eligible to receive an immediate tax deduction of 50% or 100% for special rate and main rate purchases respectively, for new qualifying expenses during the year of purchase.

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Menzies

DECEMBER 6, 2023

Menzies LLP - A leading chartered accountancy firm. This means that these entities can provide less information in their financial statements, while still complying with accounting standards. The main benefit of applying FRS 101 is the reduction in the time taken to prepare the qualifying subsidiary company accounts.

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Going Concern

APRIL 28, 2023

“People don’t have three or four hours in their day to sit there and wait on the CRA to answer their phone calls,” said Eric Saumure, a chartered accountant with Zenbooks. This accountant has spent $250 to teach himself how to be a data analyst so he can get a $30,000 raise and buy a house.

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Menzies

AUGUST 8, 2023

Menzies LLP - A leading chartered accountancy firm. 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. What is happening? HMRC have introduced new rules for the submission of R&D tax relief claims.

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Menzies

FEBRUARY 11, 2023

Menzies LLP - A leading chartered accountancy firm. Following an introduction to Caroline Milton, Menzies International Manufacturing specialist, PT Plastics outlined their objectives and the challenges they believed they may face by expanding into the UK market with the main issue surrounding the financing of their projected growth.

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Menzies

JANUARY 29, 2024

Menzies LLP - A leading chartered accountancy firm. Cashflow is critical The main purpose of a business is generally the pursuit of profit, with business owners focusing on levels of turnover and profit and how these can be maximised. As sales dip after the festive season, maintaining cash flow becomes crucial.

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Menzies

JULY 29, 2024

Menzies LLP - A leading chartered accountancy firm. To help, we have prepared a summary of the various vehicles that can be used, and their main features. This makes it difficult to know which is the most appropriate structure to use. This makes it difficult to know which is the most appropriate structure to use.

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Menzies

FEBRUARY 22, 2023

Menzies LLP - A leading chartered accountancy firm. The main “Clarifying amendments” are:- Firstly to ensure that comparative information is provided for virtually all the figures and notes in the financial statements, unless there is a specific exclusion (there are very few exclusions apart from movements in fixed assets).

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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.

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Menzies

MAY 19, 2023

Menzies LLP - A leading chartered accountancy firm. Take advantage of long-term and short-term planning techniques One of the main ways that business owners can construct a more durable business structure and enhance its agility is by taking advantage of both long-term and short-term planning techniques.

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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.

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Menzies

APRIL 5, 2023

Menzies LLP - A leading chartered accountancy firm. As we settle into the first quarter of 2023 businesses are feeling the pressure, and some owner managers may have to face a cashflow crisis.

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Menzies

MARCH 22, 2023

Menzies LLP - A leading chartered accountancy firm. In a recent study undertaken by the UK Warehousing Association, the warehousing sector possesses approximately a third of all commercial roof space and whilst the take up of solar panel installations in the sector have been slow, this is now starting to increase and gain momentum.

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Menzies

NOVEMBER 24, 2023

Menzies LLP - A leading chartered accountancy firm. Here’s our summary of the main points: What does this mean for the Construction sector ? The autumn statement has been a mixed bag for the property and construction sector.

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Menzies

AUGUST 17, 2023

Menzies LLP - A leading chartered accountancy firm. Principal private residence relief Generally speaking, where a property is your main residence throughout the whole period of ownership any gain made will be exempt due to principal private residence relief.

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Menzies

MARCH 22, 2024

Menzies LLP - A leading chartered accountancy firm. This new law which is expected to come into force in September 2024 gives workers the right to request more predictable hours, not a right to have them changed. It would not however apply to someone working on a fixed ongoing shift pattern as this is predictable.

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Menzies

AUGUST 21, 2023

Menzies LLP - A leading chartered accountancy firm. With the main rate of corporation tax now at 25%, companies will need to ensure they are maximising tax reliefs available to reduce the impact of this increase in rate. Who Will be Eligible to Claim the Allowance?

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Menzies

JULY 14, 2023

Menzies LLP - A leading chartered accountancy firm. Two of the main knowledge sharing initiatives which HMRC has been an active participant in over recent years includes the OECD led Common Reporting Standard (CRS) and J5.

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Menzies

FEBRUARY 27, 2023

Menzies LLP - A leading chartered accountancy firm. The main benefit of COP9 for taxpayers is that provided a full disclosure is made, HMRC will guarantee the individual receives immunity from criminal prosecution. How does the digital disclosure service work?

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Menzies

JANUARY 18, 2024

Menzies LLP - A leading chartered accountancy firm. In this article, we unlock some secrets to strategic financial planning for your retail business. We explain why choosing the right year end is more than a calendar decision; it’s a strategic move that can significantly impact your bottom line.

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Menzies

JANUARY 12, 2024

Menzies LLP - A leading chartered accountancy firm. Applying this in practice One of the main reasons we do not have a statutory test for defining what constitutes a trade is because of the infinite permeations and factors which may be present (or not) when a taxpayer sells an item or service.

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Menzies

JANUARY 18, 2023

Menzies LLP - A leading chartered accountancy firm. Though there are 13 main sections to the sourcebook , we will summarise three of the CASS rules here, the ones that are most likely to have an impact on the procedures of the business. b) Segregation of client money in client bank accounts. What are we talking about?

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Menzies

JANUARY 5, 2024

Menzies LLP - A leading chartered accountancy firm. Timing of expenditure is key, and broadly speaking, if the payment for the expenditure occurs four months or more after the unconditional obligation to pay arises, which is most often the invoice date or delivery date, the expenditure is treated as occurring on the date of payment.

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Menzies

JUNE 29, 2023

Menzies LLP - A leading chartered accountancy firm. The main difference is that NICs is not chargeable on miscellaneous income. 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.

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Menzies

FEBRUARY 13, 2023

Menzies LLP - A leading chartered accountancy firm. This standard come into force for accounting periods commencing on or after 1 January 2018, in conjunction with IFRS 9: Financial Instruments which covers three main topics: classification and measurement of financial instruments, impairment of financial assets and hedge accounting.

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