Menzies

NOVEMBER 27, 2023

Menzies LLP - A leading chartered accountancy firm. Here’s what was announced: Full expensing to be made permanent ‘Full expensing’, which came into effect from 1 April 2023 and which replaced the super-deduction has now become a permanent measure and will no longer come to an end on 31 March 2026.

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Menzies

AUGUST 21, 2023

Menzies LLP - A leading chartered accountancy firm. This relief is temporary and will end on 31 March 2026 but for companies that take advantage of it will enable up to £250 of each £1,000 of capital spend to be recovered against their tax bill and so potentially significant tax savings are available.

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Menzies

OCTOBER 31, 2024

Menzies LLP - A leading chartered accountancy firm. Rise in Capital Gains Tax However, the rise in Capital Gains Tax, along with upcoming changes to Business Asset Disposal Relief, has raised concerns among the many owner-managed and family-run businesses within the sector.

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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

NOVEMBER 9, 2023

Menzies LLP - A leading chartered accountancy firm. Extending Full Expensing Capital Allowances: Recognising the capital-intensive nature of the manufacturing industry, we advocate for the extension of the full expensing capital allowances regime beyond March 2026.

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Menzies

JANUARY 5, 2024

Menzies LLP - A leading chartered accountancy firm. Taking government tax incentives and available grants into consideration at the start of your journey is a smart move, to ensure you reap the returns in the quickest possible timeframes. Grant Finder updates on a regular basis for other grants available.

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Menzies

DECEMBER 8, 2023

Menzies LLP - A leading chartered accountancy firm. There will be a transition period up to 2026, after which, CBAM certificates must be bought, to offset the cost of embedded carbon and other emissions. Credit will be given against carbon taxes levied in the country of origin. What is it?

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Menzies

JANUARY 4, 2024

Menzies LLP - A leading chartered accountancy firm. Albania, Australia, Belgium, Greece, France, Hungary, Kenya, Poland, Saudi Arabia, Serbia, Spain, Tunisia, Turkey) with about half that number again bringing in rules by the end of 2026 (e.g., billion in lost tax revenue a year, so there is further work to do.

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Menzies

MARCH 25, 2024

Menzies LLP - A leading chartered accountancy firm. As another UK tax year draws to a close, here is a summary of the employer’s reporting deadlines that are approaching. The deadline to pay over any tax and NI owed under the PSA is 19th or 22nd Oct depending on the method of payment.

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Menzies

MAY 11, 2023

Menzies LLP - A leading chartered accountancy firm. You have identified the new piece of equipment your business needs, it’s worth pausing to consider the best way to structure the purchase and tax can play an important role in the determining the best option for your business. –

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Menzies

FEBRUARY 13, 2024

Menzies LLP - A leading chartered accountancy firm. Corporation Tax A reduction in the headline rate of corporation tax to support UK business in a challenging economic climate. What could we expect to see from the Spring Budget 2024? April 2017?, [RG1] As a result, technically fall foul of the leasing restriction.

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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. In the transition year, HMRC are asking for tax ‘up front’ on the profits arising in the period from the accounting year end to the end of the tax year.

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Menzies

AUGUST 21, 2024

Menzies LLP - A leading chartered accountancy firm. When investing in new plant and machinery, it may be worth fast tracking investment plans to take advantage of the 100% ‘full expensing that applies to investments in plant and machinery until March 2026. This tax currently applies at a rate of £217.85

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Menzies

OCTOBER 9, 2024

Menzies LLP - A leading chartered accountancy firm. The ‘Making Tax Digital’ (MTD) requirements mark a big change for how taxes are reported and managed. Designed to increase the efficiency of the tax system, MTD aims to make tax administration more effective and easier for taxpayers to get their tax right.

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Menzies

OCTOBER 9, 2024

Menzies LLP - A leading chartered accountancy firm. The ‘Making Tax Digital’ (MTD) requirements mark a big change for how taxes are reported and managed. Designed to increase the efficiency of the tax system, MTD aims to make tax administration more effective and easier for taxpayers to get their tax right.

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Menzies

NOVEMBER 25, 2024

Menzies LLP - A leading chartered accountancy firm. FAQs Business and Agricultural Property Relief Changes On 30 October, we saw perhaps the most hyped budget of a decade (or so) in terms of the significance of the changes made, particularly in the realm of Inheritance Tax (IHT). The tax saving amounted to a maximum of 40%.

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Menzies

OCTOBER 30, 2024

Menzies LLP - A leading chartered accountancy firm. 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. Nor has the Chancellor increased VAT. for all employees in April 2025.

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Menzies

NOVEMBER 20, 2024

Menzies LLP - A leading chartered accountancy firm. The tax that passengers must pay when flying from most UK airports increases each year with the forecast Retail Price Index (RPI) and is adjusted in line with inflation.

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Menzies

DECEMBER 23, 2024

Menzies LLP - A leading chartered accountancy firm. General Market Sentiment for Deal The main Capital Gains Tax (CGT) rate change on 30 October 2024 provides an opportunity for transactions to refocus on commercial drivers rather than immediate tax implications.

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Menzies

FEBRUARY 14, 2024

Menzies LLP - A leading chartered accountancy firm. Tax-free shopping Acknowledging the crucial role played by the retail sector in the UK’s economic landscape, we propose the reintroduction of tax-free shopping for international visitors, including those from the EU.

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Menzies

JULY 9, 2024

Menzies LLP - A leading chartered accountancy firm. The R&D tax credits scheme was not specifically mentioned in Labour’s election manifesto – further to significant recent changes to the regime, businesses may welcome some clarity and stability in this area.

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Going Concern

JANUARY 20, 2023

The GAO notes that auditors have asked for decades that the Pentagon develop a plan to account for that gear and equipment—which can include “ammunition, missiles, torpedoes,” and component parts for those items—to little avail. In 2020, it said the process would be complete by 2026. NJ Accountant Pleads Guilty in $1.3

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Menzies

SEPTEMBER 27, 2024

Menzies LLP - A leading chartered accountancy firm. Often these E-Invoices are issued via a central interface (often government managed) to legitimise the invoice and automatically store it within both the issuing and receiving entity’s tax account.

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Menzies

SEPTEMBER 27, 2024

Menzies LLP - A leading chartered accountancy firm. Often these E-Invoices are issued via a central interface (often government managed) to legitimise the invoice and automatically store it within both the issuing and receiving entity’s tax account.

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Menzies

SEPTEMBER 27, 2024

Menzies LLP - A leading chartered accountancy firm. Often these E-Invoices are issued via a central interface (often government managed) to legitimise the invoice and automatically store it within both the issuing and receiving entity’s tax account.

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Menzies

JUNE 26, 2024

Menzies LLP - A leading chartered accountancy firm. Carbon output Labour have declared an initiative which would see £500m of funds available annually from 2026 to act as an incentive for manufacturers developing clean energy and investing in good jobs. The conservatives have committed to investing £1.1

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