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chartered accountant Construction Tax 
Menzies
AUGUST 4, 2024
Menzies LLP - A leading chartered accountancy firm. For companies that pay the full rate of corporation tax, this reduces the cost of plant and machinery by 25% in the year in which it is purchased. Typically, the construction company will instead pay the plant owning company a fee for using the equipment.
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Menzies
APRIL 12, 2024
Menzies LLP - A leading chartered accountancy firm. The property and construction sector has experienced real challenges of late. Growth has been subdued, with issues of housing supply, scarcity of affordable land, tax changes, and planning approvals remaining a problem. Other tax reliefs should not be overlooked.
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The New Way CPAs are Delivering Value: Aligning Automation with Client Success
Profit in the Details: Rethinking Spend for Monumental Impact
Fall In Love With the Month-End Close
Building a Business Case for Finance Automation
Navigating Payroll Compliance: Future-Proofing Payroll in an Evolving Regulatory Landscape
Menzies
FEBRUARY 13, 2024
Menzies LLP - A leading chartered accountancy firm. See our Property & Construction Team’s predictions and wish list for the Chancellor’s Spring Budget 2024 below. A decreasing stock of private rental housing could be disastrous for low-income families as there is also a lack of available social housing.
52 The New Way CPAs are Delivering Value: Aligning Automation with Client Success
Profit in the Details: Rethinking Spend for Monumental Impact
Fall In Love With the Month-End Close
Building a Business Case for Finance Automation
Navigating Payroll Compliance: Future-Proofing Payroll in an Evolving Regulatory Landscape
Menzies
NOVEMBER 24, 2023
Menzies LLP - A leading chartered accountancy firm. 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 ? Some landlords are paying tax even though they are not profitable.
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Menzies
OCTOBER 30, 2024
Menzies LLP - A leading chartered accountancy firm. The latest budget has introduced considerable challenges for businesses across the board, with the property and construction sector facing a particularly strong impact.
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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
MARCH 6, 2024
Menzies LLP - A leading chartered accountancy firm. The FHL regime has been around for years and provides individuals and companies who hire out furnished properties as holiday lets with various tax advantages. 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. With an estimated £22 billion black hole to fill its likely that taxes will increase, and public spending will be cut. A number of announcements have already been made on the Government’s plans for the property and construction sector.
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Going Concern
MAY 20, 2024
Michael Shaub of Texas A&M University talks about the PCAOB’s new standards in Bloomberg Tax. A whistleblower in Australia says ratting out his former employer worked out great for the tax authorities but him not so much. TL;DR It’s about time!
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PANALITIX
AUGUST 23, 2020
We covered a lot of ground in a recent interview with Panalitix client Michael Burke of Burke Raftery Chartered Accountants. 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.
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. There may be significant tax savings where dwellings are acquired together with non-residential properties.
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Menzies
AUGUST 10, 2023
Menzies LLP - A leading chartered accountancy firm. Who do the new tax relief rules apply to? 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.
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Menzies
MARCH 6, 2023
Menzies LLP - A leading chartered accountancy firm. How does stamp duty land tax relief work? The application of the relief provides some attractive tax savings and also has some surprising applications. For specialist advice please do not hesitate to contact Menzies stamp duty tax expert,  Richard Turner  directly.
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Menzies
APRIL 18, 2024
Menzies LLP - A leading chartered accountancy firm. The rules exist to ensure that in circumstances where a worker or contractor meets the definition of an employee, that worker pays broadly the same income tax and National Insurance contributions to that of a PAYE employee. What is IR35?
Menzies
NOVEMBER 9, 2023
Menzies LLP - A leading chartered accountancy firm. Tax Major tax changes are unlikely. Buy to let After changes to the buy to let interest relief were bought in many landlords have chosen to start limited company so they are paying close attention to the rate of corporation tax.
Menzies
MARCH 6, 2023
Menzies LLP - A leading chartered accountancy firm. Find out more about our Property & Construction services. The post Stamp duty land tax (SDLT) on granny flats a annexes was written by Menzies Central Marketing and appeared first on Menzies LLP.
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Menzies
DECEMBER 11, 2023
Menzies LLP - A leading chartered accountancy firm. For most residential landlords there was no choice but to put up rent or to absorb the additional tax cost. For more information on how Houses of Multiple Occupancy (HMOs) might qualify you for capital allowances, contact Business Tax Partner Rebecca Wilkinson.
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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
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.
Menzies
JANUARY 15, 2025
Menzies LLP - A leading chartered accountancy firm. New Tax Rules for Larger Farms The changes introduced mean that agricultural relief allowing land or pasture to be used to grow crops, or to rear animals, will be scrapped for farms worth more than 1m.
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Menzies
MARCH 1, 2023
Menzies LLP - A leading chartered accountancy firm. GAINING R&D KNOWLEDGE CAN BRING REWARDS FOR YOUR PROPERTY BUSINESS Relatively few surveyors claim research and development (R&D) tax relief, despite the fact that many activities meet the scheme’s eligibility criteria. depending on your tax rate from 1 April 2023).
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Menzies
FEBRUARY 4, 2023
Menzies LLP - A leading chartered accountancy firm. There are very few tax breaks available for owners of or investors in UK commercial property. The quantum of the tax relief available is dependent on the historic ownership of the property and not necessarily the age of the building. see general rule of thumb % below).
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Menzies
MARCH 1, 2023
Menzies LLP - A leading chartered accountancy firm. Tax efficient rewards for surveyors and other employees As well as the above considerations, there are still many other ways in which it is possible to reward staff, at least in part, in a tax efficient way.
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Menzies
AUGUST 17, 2023
Menzies LLP - A leading chartered accountancy firm. UK residents disposing of residential property where a chargeable gain arises need to report and pay any Capital Gains Tax (CGT) due within 60 days of completion of the sale. You may need to seek guidance from your accountant or tax advisor on which expenses can be deducted.
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Menzies
MAY 17, 2022
Menzies LLP - A leading chartered accountancy firm. Historical tax incentives also made the market a lucrative option but the tax rules have changed and not for the better. Historical tax incentives also made the market a lucrative option but the tax rules have changed and not for the better.
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Menzies
MAY 7, 2024
Menzies LLP - A leading chartered accountancy firm. The distinction between capital and revenue expenditure for tax purposes can be difficult to make. As always, if you are unsure then we recommend that you consult a tax advisor. Why this is relevant to UK tax?
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Menzies
JANUARY 7, 2024
Menzies LLP - A leading chartered accountancy firm. If you find in this time of uncertainty that you are unable to pay your self assessment income tax liability, there is help at hand. How you contact HMRC will depend on how much tax you have to pay (see below). Once you are happy please complete the process.
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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.
Menzies
AUGUST 1, 2023
Menzies LLP - A leading chartered accountancy firm. 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. Correcting errors In most cases, tax mistakes arise from misunderstanding complex rules.
Menzies
OCTOBER 5, 2022
Menzies LLP - A leading chartered accountancy firm. Businesses can now plan their expenditure around their available cash flow and still be confident that they will receive this generous tax relief. ANNUAL INVESTMENT ALLOWANCE PERMANENTLY SET AT £1 MILLION.
Menzies
FEBRUARY 8, 2023
Menzies LLP - A leading chartered accountancy firm. The new rules which restrict the amount of interest that can be treated as tax deductible by individual buy-to-let investors has received a lot of media attention over the last few years. The post Property companies – don’t get lumbered with non-tax-deductible finance costs!
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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.
Menzies
APRIL 28, 2022
Menzies LLP - A leading chartered accountancy firm. Senior Tax Manager. 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
MARCH 1, 2023
Menzies LLP - A leading chartered accountancy firm. This can be particularly challenging in an LLP, as tax is paid by the members on the profits made, but then they may need to leave cash in the business. Dividends are usually preferential to salary from a personal tax perspective (see R&D below).
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Menzies
JUNE 6, 2022
Menzies LLP - A leading chartered accountancy firm. 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. net present values, cash-flow benefits or impacts on effective tax rates). Senior Tax Manager. The super-deduction.
Menzies
FEBRUARY 15, 2023
Menzies LLP - A leading chartered accountancy firm. The stamp duty land tax (SDLT) surcharge for overseas buyers of residential property was introduced on the 6th April 2021. The surcharge applies to non-resident individuals, partnerships and companies buying UK residential property, as well as certain trusts.
Menzies
NOVEMBER 24, 2022
Menzies LLP - A leading chartered accountancy firm. Notwithstanding items such as the insurers treatment for overseas travel or tax issues, you could be forgiven for thinking that’s broadly it. Let’s face it, whenever we look to buy something the most important thing is price. What else is there to know?
Menzies
MARCH 1, 2023
Menzies LLP - A leading chartered accountancy firm. The LLP and each member must file self-assessment returns annually (see tax below). Tax An LLP is not liable to tax, with partners taxed as individuals. Shareholders wishing to receive a salary will be subject to income tax just as those in an LLP.
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. Deferred tax – temporary not timing. Property, plant and equipment.
Menzies
AUGUST 17, 2022
Menzies LLP - A leading chartered accountancy firm. Tax restrictions. The move to this business structure was mainly due to changes to tax that restricted the total tax relief that individual landlords could claim on the financing costs of their residential properties. Incorporating and Taxes.
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Menzies
MARCH 1, 2023
Menzies LLP - A leading chartered accountancy firm. For LLPs, tax is payable by partners which can sometimes be overlooked by individuals who then draw further funds to cover their liabilities. To alleviate such a potential issue, consider withholding the tax payable rather than leaving individual partners to do it.
Menzies
OCTOBER 6, 2023
Menzies LLP - A leading chartered accountancy firm. This new allowance enables companies to claim a 100% deduction for tax purposes in the year of spend on particular capital investments. As a result, potentially seeing significant tax savings. Who Is Eligible to Claim the Allowance?
Menzies
JUNE 30, 2023
Menzies LLP - A leading chartered accountancy firm. Most business owners have an accountant which they trust and rely on for advice, however sometimes that doesn’t give them the closer support they sometimes need. The ability to constructively challenge the status quo, influence Senior Leadership team.
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Menzies
FEBRUARY 10, 2023
Menzies LLP - A leading chartered accountancy firm. The aggregation of marginal gains – aka the 1% rule The theory is that by making small increases or changes to one, two or even three key areas in a business the positive impact on a company’s profit and loss account can be substantial.
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