Menzies

OCTOBER 6, 2023

This new allowance enables companies to claim a 100% deduction for tax purposes in the year of spend on particular capital investments. This relief is of a temporary nature and will expire on 31st March 2026. As a result, potentially seeing significant tax savings. Who Is Eligible to Claim the Allowance?

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ThomsonReuters

AUGUST 2, 2023

As the Organization for Economic Co-Operation and Development’s (OECD) ground-breaking Base Erosion Profit Shifting (BEPS) framework for taxing the digital economy is being implemented, countries around the globe are beginning to roll out the second of the OECD’s two BEPS pillars—Pillar 2.0. Discussions are ongoing.

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Withum

APRIL 28, 2022

For taxable years beginning 2022, the top corporate tax rate is 7.5%; For taxable years beginning 2023, the top corporate tax rate is 7.25%; . The Department of Revenue has alerted taxpayers that it is following the federal extension for the 2020 individual income tax return and payments. April 3, 2020.

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Menzies

AUGUST 21, 2023

After the cessation of the “Super-deduction” capital allowance earlier this year, companies will have access to a new First Year Allowance, referred to as Full Expensing, that allows them to claim a 100% deduction for tax purposes in the year of spend on specific capital investments. Who Will be Eligible to Claim the Allowance?

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Menzies

NOVEMBER 9, 2023

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.

Manufacturing 52

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Menzies

MAY 11, 2023

Interest Tax Considerations Purchase out of cash Up front cost Yes No Relief based on capital allowances Can the asset qualify for the new full expensing relief enabling immediate corporation tax relief for all of the cost. Should surplus cash be used? Where the asset is an integral feature (e.g.

Manufacturing 40

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Menzies

JULY 9, 2024

A manifesto pledge which would see £500m of funds available annually from 2026 to act as an incentive for manufacturers developing clean energy does not provide the sector with any additional support in the short to medium term, and many businesses are already investing significantly in this area.

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Menzies

FEBRUARY 13, 2024

Corporation Tax A reduction in the headline rate of corporation tax to support UK business in a challenging economic climate. Andrew England highlights what we could expect from the Chancellor’s Spring Budget 2024 this year, and what could benefit the Manufacturing sector.

Manufacturing 52

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Withum

OCTOBER 18, 2023

The QBI deduction was adopted primarily to keep pass-through business owners on a level playing field with large corporations that are enjoying a permanent flat 21% federal tax rate. However, unlike the reduced corporate tax rate, the QBI deduction is only temporary and no longer available after December 31, 2025.

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Inform Accounting

MARCH 15, 2023

What was hoped was that the chancellor was going to stop the planned corporation tax rise from 19% to 25% for businesses earning between £50k and £250k in profits. Sadly, this tax rise and all its complications still take effect. These will prove very punitive if you run multiple businesses.

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Accounting Insight

MARCH 3, 2023

The 15% global, minimum tax and new, global requirements related to ESG reporting will have a seismic impact on how companies calculate their taxes, and where offices of finance focus their time. The EU will require green energy and carbon footprint financial reporting in 2023, and the US will require it by 2026.

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ThomsonReuters

MARCH 9, 2023

Congress passed the Inflation Reduction Act of 2022 which extends, through 2024, the credit for electricity produced from certain renewable resources; the energy credit; and other energy-related credits (with various extension dates) The Act also introduces two new corporate taxes and various new clean energy-related tax credits.

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Inform Accounting

NOVEMBER 18, 2022

The leaked and previously announced tax increases are still going ahead…. Corporation tax from April 1 2023 to increase to 25% for companies with profits over £250,000. Companies with profits under £50,000 will be taxed at 19%. Companies with profits between £50,000 and £250,000 will be taxed between 19% and 25%.

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ThomsonReuters

DECEMBER 11, 2023

The purpose of this series is to help readers gain a better understanding of e-invoicing and CTC, and their impact on corporate tax teams. Our guest expert, Nazar Paradivskyy, VP of Regulatory Affairs at Pagero , will help explain what companies need to know to transition smoothly into this new era of digital invoicing.

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Going Concern

JANUARY 2, 2023

This year’s falloff comes during a pivotal year for the board, which over the past year had been doing outreach broadly via an agenda consultation process to set its five-year agenda for 2022 to 2026. What’s more, Mr. Jones does not appear to be fan of the minimum corporate tax. The six ASUs are: ASU No.

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Menzies

JUNE 26, 2024

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. Corporation Tax The Conservatives have pledged not to increase corporation tax whilst Labour have promised to cap corporation tax at 25%.

Manufacturing 52

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Xero

MARCH 25, 2025

Tax codes If you were on a W1/M1 tax code, Xero will switch you back to the normal tax method at the start of the new tax year. Any tax code updates from HMRC (also known as P9X ) will be automatically applied in Xero. If you offer these benefits, register with HMRC before the new tax year.

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Shay CPA

NOVEMBER 13, 2024

What’s changing If nothing changes and the TCJA expires on January 1, 2026, taxation across the country will change in a number of ways. Changes that impact your personal taxes The bulk of TCJA corporate tax provisions aren’t set to expire with the Act at the end of next year. SALT deduction cap expiration. We can help.

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Cherry Bekaert

OCTOBER 3, 2024

Personal Exemptions Personal exemptions would return in 2026 if the TCJA were to sunset. An increased exemption allowed more high-net-worth individuals to transfer their assets tax-free, and reverting back to pre-TCJA exemption levels will require individuals and families to revisit their estate planning strategies.

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CPA Practice

OCTOBER 15, 2024

By Caitlin Reilly CQ-Roll Call (TNS) Former President Donald Trump doubled down on his plan to impose heavy tariffs on imports in a meandering interview at The Economic Club of Chicago on Tuesday, when asked about how he would pay for trillions of dollars in proposed tax cuts. Powell’s second term as chair is up in 2026.

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ThomsonReuters

SEPTEMBER 13, 2024

The passage of the TCJA in December 2017 was significant as it overhauled the tax landscape for both individuals and corporations. The Act shifted millions of Americans to the standard deduction and reduced both individual and corporate tax rates, to name just a few of the reforms. This could change.

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