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Menzies LLP - A leading charteredaccountancy firm. Tax reliefs for the UK’s world-leading creative industries, which will provide £15 billion of support over the next 5 years. The government is also increasing the minimum wages for Under 18s and Apprentices to £7.55 with the intention of driving economic growth.
Menzies LLP - A leading charteredaccountancy firm. Following Brexit, to make Britain more attractive to innovative companies and tech entrepreneurs, the UK government has been promising fiscal changes. This is another example of post-Brexit promises to create a tax system that will enhance UK competitiveness coming to nothing.
Menzies LLP - A leading charteredaccountancy firm. For companies that pay the full rate of corporationtax, this reduces the cost of plant and machinery by 25% in the year in which it is purchased. Following the change in Government however it is unclear whether this legislation will be implemented.
Menzies LLP - A leading charteredaccountancy firm. The government has extended the availability of 100% first year allowances on the acquisition of cars, zero-emissions goods vehicles and equipment. This was due to end in April 2021 and will now come to an end in April 2025.
Menzies LLP - A leading charteredaccountancy 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 corporationtax.
Menzies LLP - A leading charteredaccountancy firm. With the new Labour Government’s first budget approaching on 30 th October 2024, our Hospitality & Leisure team are looking ahead to what Keir Starmer could do to alleviate the ongoing challenges faced by the sector. in April 2024.
Menzies LLP - A leading charteredaccountancy firm. The UK electorate may have voted for a change in government, but underpinning the Labour manifesto is a strong emphasis on stability. Labour expect a push towards cleaner power to create good, well-paid jobs across the UK.
Menzies LLP - A leading charteredaccountancy firm. Reducing CorporationTax Rate for SMEs: To alleviate the pressure faced by SME manufacturers due to rising costs and a constrained workforce, we recommend a reduction in the headline rate of corporationtax from 25%.
Menzies LLP - A leading charteredaccountancy firm. Profits can be left in the company within retained earnings or distributed to the shareholders via dividends, governed by the rights attached to the shares of each shareholder. Shareholders wishing to receive a salary will be subject to income tax just as those in an LLP.
Menzies LLP - A leading charteredaccountancy firm. With significant announcements usually reserved for the autumn budget, we are not expecting huge tax increases in the spring budget but nor are we expecting any tax cuts either. New tech The government closed the Help To Grow: Digital scheme in February 2023.
Menzies LLP - A leading charteredaccountancy firm. Business Asset Disposal Relief is popular for entrepreneurs as this currently allows capital gains on disposal of business assets to be taxed at a low rate of 10%. The Government could remove the lifetime allowance for the relief of £1 million, or cut the relief altogether.
Menzies LLP - A leading charteredaccountancy firm. Research and Development (R&D) tax relief is a highly valuable relief to promote and reward attempts by companies to achieve advances in scientific or technological fields or appreciable improvements in associated processes. per £100 of spending to £46.50.
Menzies LLP - A leading charteredaccountancy firm. CICs have provisions in their governing document putting a limit on the distribution of profits or payment of salaries or distribution of assets on a winding up. They do not have any special tax reliefs and will pay tax on their profits like “normal” limited companies.
Menzies LLP - A leading charteredaccountancy firm. HMRC have introduced new rules for the submission of R&D tax relief claims. This is with reference to the date the claim is filed, not the accounting period date, so any claims filed from 8 August 2023 onwards will need to comply with these new rules.
Menzies LLP - A leading charteredaccountancy firm. CorporationTax A reduction in the headline rate of corporationtax to support UK business in a challenging economic climate. What could we expect to see from the Spring Budget 2024?
Menzies LLP - A leading charteredaccountancy firm. The guidelines governing capital allowances underwent a revision this April, following the termination of the super-deduction scheme. Much like its predecessor, full expensing is a form of first year allowance.
Menzies LLP - A leading charteredaccountancy firm. Business TaxTax returns and iXBRL tagging Completion of corporatetax returns and electronic tagging is a necessary but administrative burden and ensuring that the correct amount of tax is paid and that available tax reliefs are maximised can be a complex process.
Menzies LLP - A leading charteredaccountancy firm. While this appears to be a fast, immediate solution, there could be further reemployment issues and unintended tax ramifications because of an overreliance on overseas remote workers. Support available from the Government. R&D Tax Relief.
Menzies LLP - A leading charteredaccountancy firm. Thinking of going freelance when you graduate, or started your own side business already, but don’t know what to do about tax? HMRC will be notified about the new company and instead you’ll need to submit company accounts and a corporationtax return annually.
Menzies LLP - A leading charteredaccountancy firm. The Government’s decision to subsidise the development of 1,500 hectares of brownfield land for the creation of 160,000 new homes provides developers with increased motivation to examine the opportunities available in undertaking projects of this nature. Development Plans.
Menzies LLP - A leading charteredaccountancy firm. The levy payment is a deductible cost for corporationtax purposes. For businesses that pay the Apprenticeship Levy, the funds go into an account and the Government apply a 10% top up to these funds. WHAT happens to the APPRENTICESHIP LEVY paid?
Menzies LLP - A leading charteredaccountancy firm. A commitment to capping the CorporationTax rate at 25% and the full expensing regime is welcome and allows businesses to plan accordingly. What is the Labour party proposing? What is the Conservative party proposing? What do T&L companies want to see?
Menzies LLP - A leading charteredaccountancy firm. Conservatives The conservative party proposes a cut to national insurance contributions by 2% and to abolish national insurance for self-employed individuals by the end of the next Government.
Menzies LLP - A leading charteredaccountancy firm. Conservatives The conservative party proposes a cut to national insurance contributions by 2% and to abolish national insurance for self-employed individuals by the end of the next Government.
Menzies LLP - A leading charteredaccountancy firm. Tax changes still stand As anticipated, the government did not reverse key tax measures introduced in the Autumn Budget, including the upcoming NIC increase and the reduction in business relief on inheritance tax.
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