Menzies

OCTOBER 31, 2024

Menzies LLP - A leading chartered accountancy firm. From 6 April 2025, the Business Asset Disposal Relief tax rate will increase to 14%, and from April 2026, it will align with the main lower rate of 18%. The recent Budget has painted a mixed picture for the Transport and Logistics sector.

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Accounting Insight

DECEMBER 11, 2024

Today AccountsIQ , a leading provider of fully cloud-based accounting software, has announced new additions to its senior leadership team. A chartered accountant, he previously worked in PwCs Assurance department, followed by its Finance Managed Services team.

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Menzies

OCTOBER 30, 2024

Menzies LLP - A leading chartered accountancy firm. Arguably a little light on detail at this time, instead we can expect a number of consultation documents in 2025 in various areas. This is expected to cost £1.4 billion over 5 years and raise £2.7 billion by 2029/30.

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Menzies

OCTOBER 24, 2024

Menzies LLP - A leading chartered accountancy firm. The changes are intended to reduce the complexity and administrative burden for companies and will directly impact the type of accounts a company is required to prepare and whether the company is required to have a UK statutory audit.

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Menzies

OCTOBER 30, 2024

Menzies LLP - A leading chartered accountancy firm. The current intention is that VAT will be imposed with effect from 1 January 2025. If you already have a government gateway account, you will use the same account, alternatively you can ask your advisers to prepare and submit the application for you.

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Menzies

AUGUST 15, 2024

Menzies LLP - A leading chartered accountancy firm. The first reports due from online platforms will be in respect of the 2024 calendar year, to be submitted to HMRC in January 2025. Overview HMRC have advised they are currently targeting dog and cat breeders who may have undisclosed income from the breeding and sale of animals.

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CPA Practice

JULY 8, 2024

AICPA News is a collection of recent announcements from the American Institute of CPAs and the Chartered Institute of Management Accountants. The survey polls chief executive officers, chief financial officers, controllers and other certified public accountants in U.S. A complete copy of the report can be found on aicpa.org.

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Menzies

SEPTEMBER 24, 2024

Menzies LLP - A leading chartered accountancy firm. Small producers must collect their 2024 data and report it by 1 April 2025. Extended producer responsibility packaging fees have been deferred for 1 year meaning fees for packaging placed on the market in 2024 will now start in October 2025.

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Menzies

AUGUST 21, 2024

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. This is due to have effect from: 6 April 2025 for income tax and capital gains tax.

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Menzies

SEPTEMBER 19, 2024

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. in April 2024.

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Menzies

MARCH 6, 2024

Menzies LLP - A leading chartered accountancy firm. The regime will not be scrapped until April 2025 but it has been announced that anti-forestalling rules will be introduced to prevent unconditional contracts being used to secure certain tax benefits in the interim.

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Menzies

MARCH 25, 2024

Menzies LLP - A leading chartered accountancy firm. Therefore, any EMI share options granted between 6 April 2024 and 5 April 2025 must electronically notify to HMRC by 6 July 2025. Therefore, any EMI share options granted between 6 April 2024 and 5 April 2025 must electronically notify to HMRC by 6 July 2025.

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Menzies

JUNE 5, 2024

Menzies LLP - A leading chartered accountancy firm. LATEST UPDATE Groups within the scope of Pillar 2 in the UK will need to register with HMRC within 6 months of the Group’s first accounting period starting on or after 31 December 2023. WHAT IS PILLAR 2?

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Menzies

SEPTEMBER 2, 2022

Menzies LLP - A leading chartered accountancy firm. This was due to end in April 2021 and will now come to an end in April 2025. The government has extended the availability of 100% first year allowances on the acquisition of cars, zero-emissions goods vehicles and equipment.

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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.

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Menzies

JUNE 10, 2024

Menzies LLP - A leading chartered accountancy firm. Companies House has released draft rules for directors, persons with significant control (PSCs) and others needing to verify their identity under changes due to come into effect in 2025. Exact date not yet published) What are the changes?

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Menzies

SEPTEMBER 23, 2024

Menzies LLP - A leading chartered accountancy firm. Private rental sector The Government has already announced that it hopes a ban on no fault evictions will be in place by summer 2025. The Labour Government has already warned that its first fiscal budget will be painful.

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Menzies

MAY 22, 2024

Menzies LLP - A leading chartered accountancy firm. The Times has recently reported on leaked data which shows approximately 17,000 British citizens owned approximately 22,000 properties in Dubai as of spring 2022, and yet only 1,900 UK tax residents reported let property income from a Dubai property in the 2021/22 tax year.

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Menzies

SEPTEMBER 19, 2024

Menzies LLP - A leading chartered accountancy firm. However, the 2022/23 tax gap figures that have recently been published overwhelmingly demonstrate that it’s small businesses that account for the majority of the tax gap at 60% (approximately £24 billion) of lost tax in 2022/23.

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Menzies

JANUARY 29, 2024

Menzies LLP - A leading chartered accountancy firm. The first reports made by the online platforms about their users must be submitted to HMRC before 31 January 2025. As such we expect HMRC will consider opening a targeted disclosure facility aimed at users of online platforms in the coming months.

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Menzies

JUNE 26, 2024

Menzies LLP - A leading chartered accountancy firm. With business rates relief set to end in March 2025, the sector is hoping for a review and reform which will help ease the burden of business rates on a more permanent basis. See below what has been proposed.

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Menzies

JUNE 26, 2024

Menzies LLP - A leading chartered accountancy firm. With business rates relief set to end in March 2025, the sector is hoping for a review and reform which will help ease the burden of business rates on a more permanent basis. See below what has been proposed.

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Menzies

AUGUST 18, 2023

Menzies LLP - A leading chartered accountancy firm. This provides a grace period of 18 months, until 1 February 2025, for producers and importers to adjust their practices accordingly and help minimise disruption to the wine industry. These businesses are allowed to use an ‘assumed strength’ of 12.5%

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Menzies

OCTOBER 27, 2023

Menzies LLP - A leading chartered accountancy firm. For example, if you start earning income from Esports in June 2023, you would need to notify HMRC by 5 October 2024, and file your first tax return by 31 January 2025, and annually thereafter. First things first – don’t panic.

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Menzies

OCTOBER 4, 2022

Menzies LLP - A leading chartered accountancy firm. The basis period reform will not affect businesses with accounting year ends to 5 April or 31 March. In the transition year, HMRC are asking for tax ‘up front’ on the profits arising in the period from the accounting year end to the end of the tax year. Current rules.

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Menzies

JANUARY 10, 2024

Menzies LLP - A leading chartered accountancy firm. In January 2023 we wrote about how HMRC had started to target taxpayers who they suspected may have an undisclosed income from their online trading. As such we expect HMRC will consider opening a targeted disclosure facility aimed at users of online platforms in the coming months.

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Menzies

JANUARY 4, 2024

Menzies LLP - A leading chartered accountancy firm. The historical ability for non-residents to avoid UK tax on property sales and potentially benefit from reduced stamp duty has undergone significant changes.

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Menzies

JULY 26, 2023

Menzies LLP - A leading chartered accountancy firm. TOM will do this through the ability to set our own border policy and use of technology set out in the 2025 UK Border Strategy. TOM will simplify and digitise processes, to be delivered through the UK’s new Single Trade Window (STW).

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Menzies

JULY 18, 2023

Menzies LLP - A leading chartered accountancy firm. The SME market is currently unregulated when it comes to ESG but frameworks are expected to come down the line as soon as 2025. ESG stands for Environmental, Social, and Governance. It is a framework for evaluating the sustainability and ethical impact of an organisation.

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Menzies

MARCH 16, 2023

Menzies LLP - A leading chartered accountancy firm. Please note that the following is all subject to agreement and so is an outline of the current proposed trading landscape for Northern Ireland.

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Menzies

AUGUST 21, 2024

Menzies LLP - A leading chartered accountancy firm. Following on from this, their latest “Ambition 2025” progress report has identified that resource efficiency has become more critical than ever in the face of recent global conflicts, high inflation and sharp increases in energy and ingredient prices.

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Menzies

DECEMBER 23, 2024

Menzies LLP - A leading chartered accountancy firm. As we approach 2025, businesses and individuals across various sectors are gearing up for a year of challenges and opportunities shaped by changes in taxation, economic stability, and evolving market dynamics.

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Menzies

MAY 9, 2025

Menzies LLP - A leading chartered accountancy firm. As UK insolvencies remain high in early 2025, credit managers face an increasingly complex economic landscape. The construction sector, which accounts for 17% of all insolvencies, remains particularly vulnerable.

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Menzies

MARCH 6, 2025

Menzies LLP - A leading chartered accountancy firm. This increase is scheduled to come to an end on 31 March 2025. The UK property sector is currently experiencing a range of challenges. First time buyers find it increasingly difficult to get onto the housing ladder and are priced out of many areas.

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Menzies

MARCH 6, 2025

Menzies LLP - A leading chartered accountancy firm. AI and sustainable logistics The logistics sector is poised for transformation in 2025, with AI-assisted technologies supporting sustainable development and supply chain solutions moving to the implementation phase.

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Menzies

MARCH 6, 2025

Menzies LLP - A leading chartered accountancy firm. The technology sector awaits the Spring Forecast 2025 amid fiscal uncertainty. The rate of tax is set to increase from 10% to 14% from April 2025 and 18% from April 2026. One major fiscal event The Treasury has committed to one major fiscal event per year.

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Menzies

MARCH 26, 2025

Menzies LLP - A leading chartered accountancy firm. The OBR have downgraded the UKs 2025 growth forecast from 2% to 1%. Overview As we expected, todays Spring Statement brought few surprises Hospitality & Leisure sector. Instead, the main focus was on public spending cuts and injections of funding into other sectors.

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