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. in April 2024.

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Menzies

OCTOBER 30, 2024

Menzies LLP - A leading chartered accountancy firm. Made Smarter Adoption Programme Funding for the Made Smarter Adoption programme will double to £16 million in 2025-26, supporting more small manufacturing businesses to adopt advanced digital technologies and enabling the programme to be expanded to all nine English regions.

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Menzies

JUNE 5, 2024

Menzies LLP - A leading chartered accountancy firm. LATEST UPDATE Groups within the scope of Pillar 2 in the UK will need to register with HMRC within 6 months of the Group’s first accounting period starting on or after 31 December 2023. WHAT IS PILLAR 2?

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Menzies

JUNE 10, 2024

Menzies LLP - A leading chartered accountancy firm. Companies House has released draft rules for directors, persons with significant control (PSCs) and others needing to verify their identity under changes due to come into effect in 2025. Exact date not yet published) What are the changes?

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Menzies

SEPTEMBER 2, 2022

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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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

SEPTEMBER 23, 2024

Menzies LLP - A leading chartered accountancy firm. Private rental sector The Government has already announced that it hopes a ban on no fault evictions will be in place by summer 2025. The Labour Government has already warned that its first fiscal budget will be painful.

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Menzies

OCTOBER 31, 2024

Menzies LLP - A leading chartered accountancy firm. From 6 April 2025, the Business Asset Disposal Relief tax rate will increase to 14%, and from April 2026, it will align with the main lower rate of 18%. The recent Budget has painted a mixed picture for the Transport and Logistics sector.

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Menzies

MAY 22, 2024

Menzies LLP - A leading chartered accountancy firm. The Times has recently reported on leaked data which shows approximately 17,000 British citizens owned approximately 22,000 properties in Dubai as of spring 2022, and yet only 1,900 UK tax residents reported let property income from a Dubai property in the 2021/22 tax year.

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Menzies

OCTOBER 30, 2024

Menzies LLP - A leading chartered accountancy firm. Arguably a little light on detail at this time, instead we can expect a number of consultation documents in 2025 in various areas. This is expected to cost £1.4 billion over 5 years and raise £2.7 billion by 2029/30.

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Accounting Insight

DECEMBER 11, 2024

A chartered accountant, he previously worked in PwCs Assurance department, followed by its Finance Managed Services team. James Hunter, CFO at AccountsIQ, commented: AccountsIQ has fantastic people, a great product, brilliant service and is going through a high period of growth which is undoubtedly going to accelerate throughout 2025.

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Menzies

JANUARY 29, 2024

Menzies LLP - A leading chartered accountancy firm. The first reports made by the online platforms about their users must be submitted to HMRC before 31 January 2025. As such we expect HMRC will consider opening a targeted disclosure facility aimed at users of online platforms in the coming months.

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Menzies

SEPTEMBER 19, 2024

Menzies LLP - A leading chartered accountancy firm. Expectations for the short to mid-term We hope that the autumn budget will flesh out the Government’s plans for abolishing the non-domicile regime, due to take effect from April 2025.

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Menzies

AUGUST 18, 2023

Menzies LLP - A leading chartered accountancy firm. This provides a grace period of 18 months, until 1 February 2025, for producers and importers to adjust their practices accordingly and help minimise disruption to the wine industry. These businesses are allowed to use an ‘assumed strength’ of 12.5%

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Menzies

OCTOBER 27, 2023

Menzies LLP - A leading chartered accountancy firm. For example, if you start earning income from Esports in June 2023, you would need to notify HMRC by 5 October 2024, and file your first tax return by 31 January 2025, and annually thereafter. First things first – don’t panic.

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Menzies

JANUARY 10, 2024

Menzies LLP - A leading chartered accountancy firm. 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. As such we expect HMRC will consider opening a targeted disclosure facility aimed at users of online platforms in the coming months.

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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. HMRC accept that this may require estimates for the period in which accounts have not yet been completed. From 2024/25 profits will be taxed on a tax year basis.

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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.

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Menzies

OCTOBER 30, 2024

Menzies LLP - A leading chartered accountancy firm. The current intention is that VAT will be imposed with effect from 1 January 2025. Following Labour’s election win, they have gone ahead with their intention to impose VAT on education provided outside of the state sector.

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Menzies

SEPTEMBER 20, 2024

Menzies LLP - A leading chartered accountancy firm. We are hopeful that any drastic changes will have a transition period before they come in and are then introduced from 5 th April 2025. This Autumn Budget will be announced against a backdrop of plateaued economic growth, diminishing living standards and above target inflation.

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Menzies

JULY 26, 2023

Menzies LLP - A leading chartered accountancy firm. TOM will do this through the ability to set our own border policy and use of technology set out in the 2025 UK Border Strategy. TOM will simplify and digitise processes, to be delivered through the UK’s new Single Trade Window (STW).

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Menzies

JULY 18, 2023

Menzies LLP - A leading chartered accountancy firm. The SME market is currently unregulated when it comes to ESG but frameworks are expected to come down the line as soon as 2025. ESG stands for Environmental, Social, and Governance. It is a framework for evaluating the sustainability and ethical impact of an organisation.

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Menzies

AUGUST 1, 2023

Menzies LLP - A leading chartered accountancy firm. This must take place no later than 28January 2025. It is crucial for non-doms residing in the UK to reassess their financial arrangements due to the growing uncertainty surrounding their status. If elected, this will mean UK non-doms could effectively become domiciled.

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Menzies

AUGUST 21, 2024

Menzies LLP - A leading chartered accountancy firm. Following on from this, their latest “Ambition 2025” progress report has identified that resource efficiency has become more critical than ever in the face of recent global conflicts, high inflation and sharp increases in energy and ingredient prices.

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Menzies

DECEMBER 23, 2024

Menzies LLP - A leading chartered accountancy firm. As we approach 2025, businesses and individuals across various sectors are gearing up for a year of challenges and opportunities shaped by changes in taxation, economic stability, and evolving market dynamics.

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CPA Practice

JULY 8, 2024

Will Koehler (Wisconsin), a graduate of the University of Wisconsin–Madison with a Bachelor of Business Administration in accounting and a Master of Accountancy employed with KPMG in Milwaukee, WI.

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Menzies

OCTOBER 30, 2024

Menzies LLP - A leading chartered accountancy firm. for all employees in April 2025. percentage points in April 2025. No increase in taxes on ‘working people’ As promised, the Chancellor did not raise ‘taxes for working people’, i.e. income tax and employee’s National Insurance. The interest rate is currently 7.5%

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Menzies

OCTOBER 28, 2024

Menzies LLP - A leading chartered accountancy firm. It is also possible that the Government will continue the trend of slashing the annual exempt amount in 2025/26, which would mean even more crypto owners would begin to owe tax on their activity. An increase to capital gains tax? When will CGT increase?

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Menzies

NOVEMBER 18, 2024

Menzies LLP - A leading chartered accountancy firm. In summary, from April 2025 employers must pay national insurance at a rate of 15% (currently 13.8%) on employee earnings in excess of £5,000 (currently, £9,100). We have used the expected national insurance rates and tax thresholds due to come into effect from April 2025.

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Menzies

OCTOBER 18, 2024

Menzies LLP - A leading chartered accountancy firm. Background With effect from 31 January 2025, goods imported from the EU into Great Britain, must be covered by a safety and security declaration, or Entry Summary Declaration (ENS).

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Menzies

OCTOBER 31, 2024

Menzies LLP - A leading chartered accountancy firm. I can imagine firms will be remodelling 2025 budgets given this increased cost base. Despite this, planning opportunities from tax changes could benefit firms, especially those in estate and client transaction services, if client activity remains strong.

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Menzies

SEPTEMBER 27, 2024

Menzies LLP - A leading chartered accountancy firm. The scheme is essentially aiming to accelerate the adoption of e-invoicing across all EU member states, resulting in widespread usage by 2030 via local government mandation within the countries involved (Germany are set to adopt the scheme in 2025, and France in 2026).

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Menzies

SEPTEMBER 27, 2024

Menzies LLP - A leading chartered accountancy firm. The scheme is essentially aiming to accelerate the adoption of e-invoicing across all EU member states, resulting in widespread usage by 2030 via local government mandation within the countries involved (Germany are set to adopt the scheme in 2025, and France in 2026).

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Menzies

SEPTEMBER 27, 2024

Menzies LLP - A leading chartered accountancy firm. The scheme is essentially aiming to accelerate the adoption of e-invoicing across all EU member states, resulting in widespread usage by 2030 via local government mandation within the countries involved (Germany are set to adopt the scheme in 2025, and France in 2026).

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Menzies

NOVEMBER 7, 2024

Menzies LLP - A leading chartered accountancy firm. In today’s rapidly changing business landscape, environmental, social, and governance (ESG) considerations have become a significant focus for companies, regulators, and investors.

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Menzies

JANUARY 17, 2025

Menzies LLP - A leading chartered accountancy firm. In November last year, the Government published its long-awaited guidance on what reasonable procedures means, and much of the commentary is around what organisations need to do now to be ready for the introduction of the offence on 1 September 2025. Rightly so.

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Menzies

OCTOBER 7, 2024

Menzies LLP - A leading chartered accountancy firm. Businesses should be fully prepared for them by 31 March 2025. Please note that the following is all subject to agreement and so is an outline of the current proposed trading landscape for Northern Ireland.

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