PANALITIX

AUGUST 23, 2020

We covered a lot of ground in a recent interview with Panalitix client Michael Burke of Burke Raftery Chartered Accountants. Along the way, he completed a post-graduate degree in behavioral science, not a usual approach for an accountant! They would probably hire a tax accountant. Here are some excerpts. Target Clients.

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PYMNTS

MARCH 30, 2020

While the move was welcomed, Construction Products Association Economics Director Noble Francis told the publication that it is unclear how the government would enforce this, and raised concerns that the construction sector is particularly vulnerable to the consequences of late payments.

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Menzies

OCTOBER 30, 2024

Menzies LLP - A leading chartered accountancy firm. CGT Rates Private landlords who hold rental portfolios personally will be relieved that CGT rates on the sale of residential houses won’t be increased from the current rate of 24%.

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Menzies

MARCH 6, 2024

Menzies LLP - A leading chartered accountancy firm. Taking all the above measure into account it appears that the Government is set to reduce the number of private landlords in the market. Did the budget produce any positives for the property and construction sector?

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Menzies

SEPTEMBER 23, 2024

Menzies LLP - A leading chartered accountancy firm. A number of announcements have already been made on the Government’s plans for the property and construction sector. The Labour Government has already warned that its first fiscal budget will be painful.

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Menzies

AUGUST 10, 2023

Menzies LLP - A leading chartered accountancy firm. Whilst it may appear that many costs of a construction project will not qualify for plant and machinery allowances, it is certainly worth investigating as the rules are detailed and may apply to more costs than expected. Who do the new tax relief rules apply to?

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Menzies

APRIL 10, 2023

Menzies LLP - A leading chartered accountancy firm. Businesses operating within the property and construction sector may have specific needs and requirements that are not commonly found in other sectors. This may include for example complying with the Construction Industry Scheme.

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Menzies

FEBRUARY 1, 2024

Menzies LLP - A leading chartered accountancy firm. The construction, hospitality, and retail sectors were hit the hardest, likely due to their vulnerability to the immediate effects of economic downturns. 2023 Insolvency Statistics in a nutshell The number of overall insolvencies recorded reached a 30-year high.

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Menzies

FEBRUARY 12, 2023

Menzies LLP - A leading chartered accountancy firm. The merged business will have combined revenues of around £22m and 200 staff across London, Esher, Manchester and Edinburgh, making it one of the UK’s largest independent building and project consultants, advising on projects with a total construction value of £5bn.

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Menzies

NOVEMBER 9, 2023

Menzies LLP - A leading chartered accountancy firm. CIS The UK Construction Industry Scheme (CIS) has been operating for many years, and back in April, the government launched a consultation on reform to remove a number of longstanding irritations for those companies who have to make CIS returns.

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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

APRIL 18, 2024

Menzies LLP - A leading chartered accountancy firm. Construction is another target area due to the use of contractors. What is IR35? The off-payroll working rules, or IR35 as it’s commonly referred to, have been around for some time.

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Menzies

DECEMBER 11, 2023

Menzies LLP - A leading chartered accountancy firm. More about our Property & Construction Advisory services. For more information on how Houses of Multiple Occupancy (HMOs) might qualify you for capital allowances, contact Business Tax Partner Rebecca Wilkinson. The post HMOS – DO YOU QUALIFY FOR CAPITAL ALLOWANCES?

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Menzies

MAY 19, 2023

Menzies LLP - A leading chartered accountancy firm. How can business owners construct a more durable business structure? Every organisation requires a strong plan to ensure its success and most business owners know that staying focused is vital to be able to deliver the long-term objectives.

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Menzies

OCTOBER 27, 2023

Menzies LLP - A leading chartered accountancy firm. Stamp Duty Land Tax (SDLT) can be a significant expense for property investors and developers in England and Northern Ireland. However, by understanding and correctly applying the relevant tax reliefs, it is possible to significantly reduce the amount of SDLT that needs to be paid.

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Menzies

JUNE 28, 2023

Menzies LLP - A leading chartered accountancy firm. Charities are entitled to claim relief from VAT when they construct new buildings. VAT legislation says that services supplied in the course of construction of a building which will be used solely for relevant charitable purposes are zero rated for VAT.

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Menzies

MARCH 6, 2023

Menzies LLP - A leading chartered accountancy firm. For these purposes  “dwelling”  means a building or part of a building which is suitable for use as a single dwelling or is in the process of being constructed or adapted for such use. Find out more about our Property & Construction sector expertise.

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Menzies

AUGUST 22, 2024

Menzies LLP - A leading chartered accountancy firm. HMRC have advised that they have commenced a new ‘ One To Many ’ letter campaign in respect of Construction Industry Scheme (CIS) contractors, prompting them to verify the CIS tax status of their subcontractors and to check CIS tax has been appropriately deducted and paid.

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Menzies

JULY 21, 2022

Menzies LLP - A leading chartered accountancy firm. The change in policy, or its interpretation, could mean that VAT should be charged on income, may prevent recovery of VAT on costs incurred or could affect the status of any certificates signed to claim zero rating on construction services. VAT on income.

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Menzies

FEBRUARY 13, 2023

Menzies LLP - A leading chartered accountancy firm. Instead of employing specialists to prepare their accounts and make sure all their documentation is in order, some businesses are attempting to do it themselves. Blog How will the new accounting standards impact construction companies? read more What is IFRS 16?

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Menzies

JANUARY 15, 2025

Menzies LLP - A leading chartered accountancy firm.

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Menzies

FEBRUARY 4, 2023

Menzies LLP - A leading chartered accountancy firm. However, once these conditions are satisfied, then large percentages of the cost of a construction/refurbishment/fit-out project, or the acquisition cost of a property, could attract the tax relief. What capital allowances may be available?

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Menzies

JANUARY 16, 2023

Menzies LLP - A leading chartered accountancy firm. We all want to work smarter not harder and with the growth of Cloud accounting we can have the freedom and insight to stay on top of our business and finances 24/7. The benefits of switching to cloud accounting. Anytime, anywhere, any device. Secure & private.

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PYMNTS

JULY 2, 2020

As the fallout from Wirecard ‘s $2 billion accounting scandal continues, some attention has turned to the Germany-based payment company’s auditor, Ernst & Young (EY). Fraud Concerns Arise. ” Swift Blowback. As seen in recent weeks, the review was not resolved. billion missing from a Singapore bank. ” In the U.K.,

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Menzies

MARCH 6, 2023

Menzies LLP - A leading chartered accountancy firm. Find out more about our Property & Construction services. This was the case even if it was going to be the buyer’s only property or if it was replacing the buyer’s only or main residence.

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Menzies

AUGUST 21, 2023

Menzies LLP - A leading chartered accountancy firm. While this structure is often used in the construction industry, it is not exclusive to that sector and is also prevalent in other industries.

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Menzies

MAY 7, 2024

Menzies LLP - A leading chartered accountancy firm. Examples of this include: constructing a building on a piece of land where, at the time of disposal, the building has been demolished and the land has reverted to its original state. where a tennis court was constructed but later demolished to make way for a swimming pool.

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Menzies

MAY 30, 2022

Menzies LLP - A leading chartered accountancy firm. During the SoLR customer accounts are transferred to another energy supplier automatically by the energy regulator Ofgem. In September 2021, the construction of a new 1,200-kilometre undersea gas pipeline was completed.

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Menzies

OCTOBER 5, 2022

Menzies LLP - A leading chartered accountancy firm. The Annual Investment Allowance (AIA) gives businesses the opportunity to claim 100% capital allowances in the year of expenditure on qualifying capital assets. ANNUAL INVESTMENT ALLOWANCE PERMANENTLY SET AT £1 MILLION.

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Menzies

JULY 27, 2023

Menzies LLP - A leading chartered accountancy firm. At the time of writing (July 2023), there are instant access deposit accounts offering over 4%, whilst a two-year fixed rate cash bond can offer over 6%. The economic landscape has certainly changed of late. Why invest in equities or fixed interest securities?

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Menzies

NOVEMBER 3, 2022

Menzies LLP - A leading chartered accountancy firm. Which accounting standard should you use? When preparing a set of financial statements in the UK there is a choice of accounting standard to apply in order to comply with UK Companies Act 2006. Property, plant and equipment. Intangible assets – business combinations.

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Menzies

AUGUST 1, 2023

Menzies LLP - A leading chartered accountancy firm. It offers a constructive pathway for correcting tax oversights and omissions. In light of HMRC’s recent investigation into Airbnb hosts and their earnings data, holiday-let property owners must take proactive steps to ensure they comply with tax regulations.

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Menzies

NOVEMBER 10, 2023

Menzies LLP - A leading chartered accountancy firm. Reasons cited include delays in obtaining planning permission and increases in construction costs of up to 30% in some areas. There are many challenges around the cost of living and the cost of doing business. However, this target is not currently being met.

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Menzies

NOVEMBER 24, 2022

Menzies LLP - A leading chartered accountancy firm. Let’s face it, whenever we look to buy something the most important thing is price. I don’t know about you, but if I am walking through a smart shopping mall and I see an item in the window that looks fantastic but with no price on it, I don’t go in. ‘If

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Menzies

JUNE 6, 2022

Menzies LLP - A leading chartered accountancy firm. When made later this year, any Budget announcements on capital allowances will take into account the latest economic and fiscal position. Announced on 9 May 2022, the UK government is considering reforms to help with enterprise and growth.

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Menzies

APRIL 28, 2022

Menzies LLP - A leading chartered accountancy firm. The recent Upper Tribunal (UT) decision in the case of Urenco Chemplants Limited & Anor v HMRC lends support for making capital allowances claims on functional items in the business that might on first analysis appear to be a building/structural item.

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Menzies

FEBRUARY 2, 2023

Menzies LLP - A leading chartered accountancy firm. The review should also provide some constructive and robust questioning to ensure that the thinking and overall proposition makes sense and will stand up to subsequent scrutiny.

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