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Menzies LLP - A leading charteredaccountancyfirm. Overview The Government has announced a series of policy and funding reforms aimed at increasing housebuilding and strengthening skills within the construction sector, in a bid to support economic growth and meet long-term infrastructure demands.
Menzies LLP - A leading charteredaccountancyfirm. Overview The Government has announced a series of policy and funding reforms aimed at increasing housebuilding and strengthening skills within the construction sector, in a bid to support economic growth and meet long-term infrastructure demands.
Menzies LLP - A leading charteredaccountancyfirm. Construction groups often structure themselves so that valuable plant and machinery is held separately from the company that carries out the construction work. The fact that the two companies may be in the same group and under common control is irrelevant.
Menzies LLP - A leading charteredaccountancyfirm. The property and construction sector has experienced real challenges of late. PROFESSIONAL SERVICES The property and construction sector comprises a wide range of professional services including architects, surveyors, planners and estate agents. CLICK HERE.
Menzies LLP - A leading charteredaccountancyfirm. The latest budget has introduced considerable challenges for businesses across the board, with the property and construction sector facing a particularly strong impact.
Menzies LLP - A leading charteredaccountancyfirm. The autumn statement has been a mixed bag for the property and construction sector. Here’s our summary of the main points: What does this mean for the Construction sector ? If there’s no demand, solving supply issues will have little benefit.
Menzies LLP - A leading charteredaccountancyfirm. See our Property & Construction Team’s predictions and wish list for the Chancellor’s Spring Budget 2024 below. We know the CGT allowance is due to be reduced from £6,000 to £3,000 in April 2024 so this could be delayed or scrapped.
Accountants in high demand as average earnings hit almost €120,000 [ The Irish Times ] A survey by industry group CharteredAccountants Ireland in conjunction with accountingfirm Barden shows that the average salary package commanded by these professionals rose by €7,000 or 6 per cent to €119,270 last year.
Menzies LLP - A leading charteredaccountancyfirm. 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%.
We covered a lot of ground in a recent interview with Panalitix client Michael Burke of Burke Raftery CharteredAccountants. Due to Michael’s contact base, there are many clients in the manufacturing, wholesale, professional services, health and construction industries, mostly in the $1m – 50m revenue range. Target Clients.
PwC is facing legal action claiming the accountancyfirm is liable for the alleged rape of a graduate employee following after-work drinks. Another batch of Big 4-affiliated firms in India have been smacked down by regulators for their close relationship with the multinational body.
Menzies LLP - A leading charteredaccountancyfirm. 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.
Oh and reminder: the Institute of CharteredAccountants of India (ICAI) is working on a plan to consolidate India’s 96,000 little accountancyfirms into mega-firms that they think could compete with Big 4 on the global stage. INSIDE Public Accounting continues to tease the upcoming release of the IPA 500.
Menzies LLP - A leading charteredaccountancyfirm. 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?
Menzies LLP - A leading charteredaccountancyfirm. 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?
Menzies LLP - A leading charteredaccountancyfirm. 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.
Menzies LLP - A leading charteredaccountancyfirm. 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.
Menzies LLP - A leading charteredaccountancyfirm. 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.
Menzies LLP - A leading charteredaccountancyfirm. 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.
Menzies LLP - A leading charteredaccountancyfirm. 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?
Menzies LLP - A leading charteredaccountancyfirm. The Chancellor, Jeremy Hunt, has delivered his Autumn Statement to Parliament earlier, which includes 110 measures for growth across the board.
Menzies LLP - A leading charteredaccountancyfirm. 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.
Menzies LLP - A leading charteredaccountancyfirm. 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.
Menzies LLP - A leading charteredaccountancyfirm. Stamp Duty Land Tax (SDLT) can be a significant expense for property investors and developers in England and Northern Ireland. In this article we outline the top 5 SDLT reliefs that you need to be familiar with.
Menzies LLP - A leading charteredaccountancyfirm. 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.
Menzies LLP - A leading charteredaccountancyfirm. 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.
Menzies LLP - A leading charteredaccountancyfirm. 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.
Menzies LLP - A leading charteredaccountancyfirm. 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.
Menzies LLP - A leading charteredaccountancyfirm. 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?
The local news in Cincinnati covered this strategic move : One of Greater Cincinnati’s largest accountingfirms is being acquired by an Indianapolis company. Blue Ash-based tax, advisory and audit firm Cassady Schiller CPAs & Advisors will become part of Katz, Sapper & Miller in a transaction that will be completed May 31.
Menzies LLP - A leading charteredaccountancyfirm. 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.
Menzies LLP - A leading charteredaccountancyfirm. Blog How will the new accounting standards impact construction companies? read more Blog IFRS: Impact of changes to lease accounting for retail companies. read more What is IFRS 16?
Menzies LLP - A leading charteredaccountancyfirm. 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.
Menzies LLP - A leading charteredaccountancyfirm. While this structure is often used in the construction industry, it is not exclusive to that sector and is also prevalent in other industries.
Menzies LLP - A leading charteredaccountancyfirm. 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. Overview Article written by Daniela Moss and Rutvik Patel, Menzies.
Menzies LLP - A leading charteredaccountancyfirm. 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.
Menzies LLP - A leading charteredaccountancyfirm. In September 2021, the construction of a new 1,200-kilometre undersea gas pipeline was completed. In the last year, more than 20 energy companies have fallen victim to the unprecedented increases to the price of wholesale gas.
Menzies LLP - A leading charteredaccountancyfirm. 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.
Menzies LLP - A leading charteredaccountancyfirm. 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.
Menzies LLP - A leading charteredaccountancyfirm. 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
Menzies LLP - A leading charteredaccountancyfirm. The capital allowances rules set the rates and timing at which capital expenditure can be deducted to arrive at taxable profits in a tax return. Announced on 9 May 2022, the UK government is considering reforms to help with enterprise and growth.
Menzies LLP - A leading charteredaccountancyfirm. Cash provides security in the short term, whilst a well-constructed investment portfolio is likely to be one of the best lines of defence against inflation in the long run. The economic landscape has certainly changed of late.
Menzies LLP - A leading charteredaccountancyfirm. 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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