Menzies

AUGUST 21, 2024

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. Capital gains tax reliefs – access to reliefs from taxes on chargeable gains.

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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

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”. 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.

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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? What happens if I’ve been earning Esports income for a few years and didn’t tell HMRC?

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

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Menzies

OCTOBER 28, 2024

Menzies LLP - A leading chartered accountancy firm. An increase to capital gains tax? In their manifesto Labour promised not to raise income taxes, so we can reasonably expect the Government will be targeting other taxes in order to help raise funds to cover the so-called £20bn ‘black hole’.

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Menzies

NOVEMBER 18, 2024

Menzies LLP - A leading chartered accountancy firm. One tax rise that Rachel Reeves did warn us of in advance of the budget was an increase in the employer Class 1 national insurance contributions rate. We have used the expected national insurance rates and tax thresholds due to come into effect from April 2025.

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