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Hospitality & Leisure: Spring Budget 2024 Predictions & Wish list

Menzies

Menzies LLP - A leading chartered accountancy firm. As we approach the Spring Budget on 6 March 2024, the UK Hospitality and Leisure sector faces ongoing challenges. UK Hospitality advocates for a 3% cap on business rates increases which would support cash flow and encourage investment.

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What If you can’t pay your self assessment income tax bill on time

Menzies

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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Abolition of the Furnished Holiday Lettings (FHL) tax regime

Menzies

Menzies LLP - A leading chartered accountancy firm. Further information has now been made available in respect of the abolition of the Furnished Holiday Lettings (FHL) tax regime that will take effect from April 2025. Capital gains tax reliefs – access to reliefs from taxes on chargeable gains.

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The Chancellor joins in applauding NHS consultants

Menzies

Menzies LLP - A leading chartered accountancy firm. This could mean that, additional shifts worked by consultants over a year to assist their employing hospital deal with peak admissions, would result in a large tax bill. The available AA is also tapered by £1 for each £2 when income exceeds a defined limit.

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Autumn Statement – Although investors and companies might have wished for more, the markets react calmly

Menzies

Menzies LLP - A leading chartered accountancy firm. This includes plans to freeze the business rates multiplier for another year, and to provide additional relief of up to 75% for retail and hospitality and leisure companies. This change will affect both middle earners, and those with a higher income. Conclusion.