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Autumn Budget 2024 Commentary: Manufacturing

Menzies

Menzies LLP - A leading chartered accountancy firm. Tax reliefs for the UK’s world-leading creative industries, which will provide £15 billion of support over the next 5 years. From April 2025 the National Living Wage will increase to £12.21 A key theme of today’s budget was “Invest, Invest, Invest!”

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Abolition of the Furnished Holiday Lettings (FHL) tax regime

Menzies

Menzies LLP - A leading chartered accountancy firm. Further information has now been made available in respect of the abolition of the Furnished Holiday Lettings (FHL) tax regime that will take effect from April 2025. This is due to have effect from: 6 April 2025 for income tax and capital gains tax.

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Autumn Budget 2024: Hospitality & Leisure Predictions & Wish List

Menzies

Menzies LLP - A leading chartered accountancy firm. Their manifesto also stated that the full expensing capital allowance relief (100% tax deduction on the full cost of qualifying assets) would also remain, which is a useful relief for companies looking to invest heavily in their capital assets. in April 2024.

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Friday Footnotes: Baker Tilly Did What!?; Internship Ranking Winner Same As Last Year; Pillar II to Be a PITA | 10.25.24

Going Concern

Firm Watch Whistleblower says big accounting firm hid evidence that a Saudi co-defendant helped finance 9/11 [ Florida Bulldog ] So this is…a lot. For the second year in a row, New York-based accounting firm PKF O’Connor Davies took the #1 spot on Vault’s Best Overall Internships list.

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Friday Footnotes: The Profession’s Ethics Dilemma; Co-Pilot Called Out in Court For Calculations; Audit Uncovers File Called ‘Twilight Zone’ | 10.18.24

Going Concern

Firm Watch Accountancy firm BDO fined €1.3 million for work with Russian-held football club Vitesse [ NL Times ] The fine is regarding the work that BDO did as an accountant for football club Vitesse, and a holding company of the former owner of the club, Russian businessman Valeri Oyf, sources told FD.

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Tax relief on energy efficient vehicles

Menzies

Menzies LLP - A leading chartered accountancy firm. This was due to end in April 2021 and will now come to an end in April 2025. The government has extended the availability of 100% first year allowances on the acquisition of cars, zero-emissions goods vehicles and equipment.

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Autumn Budget 2024: Technology Sector Predictions & Wish List

Menzies

Menzies LLP - A leading chartered accountancy firm. However, the 2022/23 tax gap figures that have recently been published overwhelmingly demonstrate that it’s small businesses that account for the majority of the tax gap at 60% (approximately £24 billion) of lost tax in 2022/23.