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Autumn Budget 2024 Commentary: Manufacturing

Menzies

Menzies LLP - A leading chartered accountancy firm. Main Initiatives Manufacturers operating in the following areas of specialism could stand to gain from specific initiatives: Committing £975 million in R&D funding for the aerospace sector over five years. A key theme of today’s budget was “Invest, Invest, Invest!”

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Tax Considerations For Office Refurbishments

Menzies

Menzies LLP - A leading chartered accountancy firm. But they might be unaware that most of the cost of the refurbishment may be eligible for tax relief under the capital allowances regime. What’s in the Main pool? The capital allowances regime has several categories, each providing varying levels of relief.

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Autumn Budget 2024: Hospitality & Leisure Predictions & Wish List

Menzies

Menzies LLP - A leading chartered accountancy firm. The Hospitality & Leisure industry accounts for around 10% of the UK’s overall energy consumption and creates carbon emissions of around 8 million tonnes per year.

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New rules for the submission of R&D tax relief claims

Menzies

Menzies LLP - A leading chartered accountancy 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.

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Not for Profit Structures

Menzies

Menzies LLP - A leading chartered accountancy firm. To help, we have prepared a summary of the various vehicles that can be used, and their main features. They do not have any special tax reliefs and will pay tax on their profits like “normal” limited companies. The CASC will also get Business Rates Relief.

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Research & Development Tax Relief for Surveyors

Menzies

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. The main reason is a lack of awareness.

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Time limits for tax assessments

Menzies

Menzies LLP - A leading chartered accountancy firm. The UK tax system is designed in such way as to provide the taxpayer with important safeguards. To balance HMRC’s power to raise an assessment with protecting the taxpayer, specific time limits are imposed on HMRC to raise an assessment for a loss of tax.

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