Mark Lee

OCTOBER 17, 2023

When accountants ask me how they can distinguish themselves from their immediate competition, I remind them that whilst the work output may be much the same (in terms of accounts and tax returns), the service, style, approach and fees may be very different. and if we fail?…

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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? This facility exists specifically to help regularise your historic tax affairs.

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Going Concern

FEBRUARY 9, 2024

IRS warns tax professionals to be aware of EFIN scam email; special webinars offered next week [ IRS ] The IRS warned that scammers are posing as tax software providers and requesting EFIN documents from tax professionals under the guise of a required verification to transmit tax returns.

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Menzies

AUGUST 12, 2022

Menzies LLP - A leading chartered accountancy firm. The UK Government has tabled draft legislation setting out new transfer pricing documentation requirements that will affect the largest UK businesses. ” Are your transfer pricing policies up to date?

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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

MAY 22, 2024

Menzies LLP - A leading chartered accountancy firm. The Annual Tax on Enveloped Dwellings (ATED) is an annual tax due where corporate entities – whether UK resident or not – own UK residential properties. What is ATED?

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Going Concern

FEBRUARY 23, 2024

Top Remote Accounting Candidates: February 22, 2024 Law & Order Co-Owner of Media Brokerage Firm Sentenced for Filing False Tax Returns [ Department of Justice ] According to court documents and statements made in court, Susan K.

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Menzies

JANUARY 29, 2024

Menzies LLP - A leading chartered accountancy firm. So, if a tutor is earning less than £1,000 in a tax year from an online platform there will be no requirement to notify HMRC of this source or make a disclosure. The tax calculations can potentially go back up to 20 years depending on the circumstances.

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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

AUGUST 17, 2023

Menzies LLP - A leading chartered accountancy firm. UK residents disposing of residential property where a chargeable gain arises need to report and pay any Capital Gains Tax (CGT) due within 60 days of completion of the sale. The tax return is due for filing by the 31st January following the end of the tax year.

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Menzies

MAY 7, 2024

Menzies LLP - A leading chartered accountancy firm. The distinction between capital and revenue expenditure for tax purposes can be difficult to make. Tax relief for revenue expenditure is given in the tax year that it is incurred. Tax relief on capital expenditure is given on the eventual disposal of the property.

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Menzies

NOVEMBER 3, 2023

Menzies LLP - A leading chartered accountancy firm. HMRC have recently introduced measures to combat fraud within R&D, including lowering the SME tax relief and increasing compliance requirements, as Ant Lalsing details in his article here. HMRC can use their powers to ‘correct’ your company’s CT600 tax return.

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Menzies

JUNE 6, 2022

Menzies LLP - A leading chartered accountancy firm. The capital allowances rules set the rates and timing at which capital expenditure can be deducted to arrive at taxable profits in a tax return. Announced on 9 May 2022, the UK government is considering reforms to help with enterprise and growth.

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Menzies

FEBRUARY 3, 2023

Menzies LLP - A leading chartered accountancy firm. Your tax returns will be due by 31 January following the end of the tax year. How to register and file your self assessment tax return with HMRC. Set up a separate business bank account. Set aside money to make the tax payment.

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Menzies

JANUARY 3, 2023

Menzies LLP - A leading chartered accountancy firm. Almost 10 years ago HMRC launched a disclosure facility aimed at individuals who had received property income, in the UK or abroad, but had failed to disclose this in their tax returns. What could go wrong?

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Menzies

NOVEMBER 7, 2023

Menzies LLP - A leading chartered accountancy firm. UK tax considerations for content creators and social media influencers Do you consider yourself an influencer? Or do you promote brands online and receive products for free in return for your content?

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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. What’s useful to know?

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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. In this scenario, only the proportion relating to the business use can be claimed as an allowable expense.

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Menzies

JANUARY 20, 2023

Menzies LLP - A leading chartered accountancy firm. Business Tax Tax returns and iXBRL tagging Completion of corporate tax returns and electronic tagging is a necessary but administrative burden and ensuring that the correct amount of tax is paid and that available tax reliefs are maximised can be a complex process.

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Menzies

FEBRUARY 13, 2024

Menzies LLP - A leading chartered accountancy firm. Income tax Tax Liabilities Given the increased interest rates, more taxpayers will be benefitting from increased interest on income. This means more taxpayers may find themselves with undisclosed tax liabilities and/or needing to file a tax return.

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Menzies

APRIL 4, 2024

Menzies LLP - A leading chartered accountancy firm. If you are a trader or miner , remember that transaction fees are subject to income tax too, so even if the value of bitcoin goes down and transaction fees rise, you will need to report this income on your self-assessment tax return. What is a bitcoin halving?

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Going Concern

MARCH 25, 2022

Don’t feel bad, MY job ranked #3 most exciting and I assure you it absolutely is not, I write about accounting after all. “I The indictment alleges that Louis served as a “ghost preparer,” meaning that he prepared tax returns for compensation but failed to sign or otherwise declare the tax returns he prepared for other individuals.

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Menzies

MARCH 25, 2024

Menzies LLP - A leading chartered accountancy firm. If you don’t declare or don’t pay the tax you owe to HMRC, it’s likely you will receive significant penalties and in some cases be criminally prosecuted.

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Going Concern

NOVEMBER 18, 2022

Bam is a chartered accountant and an outstanding South African. Nelson Mandela Foundation appoints ex-Deloitte Africa boss Bam as new trustee [ IOL ]. The Nelson Mandela Foundation has announced former Deloitte Africa CEO Lwazi Bam as a new trustee. He was the CEO of Deloitte Africa from 2012 until early this year.

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Menzies

FEBRUARY 19, 2024

Menzies LLP - A leading chartered accountancy firm. In January 2024, HMRC released a summary of consultation responses on the proposed reform of transfer pricing rules (along with permanent establishment/PE and Diverted Profits Tax/DPT rules). What UK changes can we expect?

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Menzies

FEBRUARY 19, 2024

Menzies LLP - A leading chartered accountancy firm. In January 2024, HMRC released a summary of consultation responses on the proposed reform of transfer pricing rules (along with permanent establishment/PE and Diverted Profits Tax/DPT rules). What UK changes can we expect?

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Menzies

JANUARY 7, 2024

Menzies LLP - A leading chartered accountancy firm. If you find in this time of uncertainty that you are unable to pay your self assessment income tax liability, there is help at hand. How you contact HMRC will depend on how much tax you have to pay (see below).

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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

JANUARY 19, 2023

Menzies LLP - A leading chartered accountancy firm. The tax calculations can potentially go back up to 20 years depending on the circumstances. Commencing on 16 January 2023, HMRC has started to issue letters to taxpayers who they believe have undisclosed income from their online trading activities.

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Menzies

OCTOBER 21, 2022

Menzies LLP - A leading chartered accountancy firm. But they might be unaware that most of the cost of the refurbishment may be eligible for tax relief under the capital allowances regime. Claims made after this will have a greatly decreased return.

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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

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. What counts as a taxable event?

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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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Going Concern

FEBRUARY 16, 2024

Belgian accounting sector is overworked and turning away new clients [ The Brussels Times ] A significant portion of accounting firms across Belgium are contemplating downsizing as their workload continues to surge, raising alarms within the sector about potential implications for small businesses and startups, L’Echo reports.

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Menzies

JANUARY 10, 2024

Menzies LLP - A leading chartered accountancy firm. The tax calculations can potentially go back up to 20 years depending on the circumstances. In January 2023 we wrote about how HMRC had started to target taxpayers who they suspected may have an undisclosed income from their online trading.

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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. People often mistake what counts as ‘trading’ in their tax returns.

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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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