Menzies

APRIL 16, 2025

Menzies LLP - A leading chartered accountancy firm. From the 2026/27 tax year HMRC are requiring certain individuals to maintain digital records and submit quarterly returns. Below is a summary of how MTD will operate and who will be affected. Are you required to register for MTD?

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Menzies

JULY 14, 2025

Menzies LLP - A leading chartered accountancy firm. The October 2024 Budget brought with it sweeping reforms to the taxation of non-UK domiciled individuals and their associated offshore trust structures.

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Menzies

OCTOBER 30, 2024

Menzies LLP - A leading chartered accountancy firm. The 2024 Autumn Budget introduces rising costs for tech employers through increased National Insurance and wage requirements, while offering targeted relief for smaller tech businesses and investing in digital infrastructure to support sector growth.

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Menzies

JULY 24, 2025

Menzies LLP - A leading chartered accountancy firm. However, as the annual adjustment periods under the scheme align with VAT periods ending in March, April or May each year it is likely that the changes will apply to periods ending on or after 31 March 2026 at the earliest.

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Menzies

JULY 3, 2025

Menzies LLP - A leading chartered accountancy firm. The Financial Reporting Council (FRC) has announced significant amendments to FRS 102, the UK’s principal accounting standard for small and medium-sized entities. For hospitality businesses, this could affect how revenue is recognised for: bundled services (e.g.

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Menzies

NOVEMBER 25, 2024

Menzies LLP - A leading chartered accountancy firm. The Chancellor has announced that from 6 April 2026, the relief will be capped so that the 100% relief from IHT will only be given on the first £1million of qualifying assets. Pensions may have been hit, with pension pots becoming liable to IHT from April 2027.

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Menzies

MAY 1, 2025

Menzies LLP - A leading chartered accountancy firm. This is expected to result in higher capital requirements than for an equivalent non-crypto firm to account for the additional risk. As a starting point, this discussion paper was the first to be released from the FCAs Crypto Roadmap. An ICARA, or similar, will be required.

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Menzies

APRIL 17, 2025

Menzies LLP - A leading chartered accountancy firm. From April 2026, significant changes to the way Benefits in Kind (BiKs) are reported and taxed will come into effect. Introduction At MWM Employee Benefits, we strive to keep our clients informed about important regulatory changes that impact their businesses.

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Menzies

DECEMBER 4, 2024

Menzies LLP - A leading chartered accountancy firm. These amendments will become effective for periods beginning on or after 1 January 2026 with early adoption permitted, provided all amendments are applied at the same time. Leases Leases will now be accounted for under the balance sheet model adopted by IFRS 16.

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Menzies

MARCH 26, 2025

Menzies LLP - A leading chartered accountancy firm. in 2026, 1.8% Overview As we expected, todays Spring Statement brought few surprises Hospitality & Leisure sector. Hopes for cuts to announcements in the Autumn Statement, such as rise in employers national insurance, were dashed. next year before it begins to fall.

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Menzies

DECEMBER 23, 2024

Menzies LLP - A leading chartered accountancy firm. From 6 April 2025, the CGT rate will rise from 10% to 14% for those assets that qualify for Business Asset Disposal Relief, with a further increase to 18% planned for April 2026. Geopolitical developments, such as UK elections and potential changes in U.S.

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Menzies

JULY 14, 2025

Menzies LLP - A leading chartered accountancy firm. The October 2024 Budget signalled a seismic shift in the UK personal tax landscape, dismantling some of the long-standing benefits previously enjoyed by non-domiciled individuals.

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Menzies

MARCH 6, 2025

Menzies LLP - A leading chartered accountancy firm. The rate of tax is set to increase from 10% to 14% from April 2025 and 18% from April 2026. It is due to be phased in from April 2026, but has been delayed a number of times so advisers have remained sceptical.

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Menzies

JULY 3, 2025

Menzies LLP - A leading chartered accountancy firm. The UK Government department Defra (Department for Environment, Food & Rural Affairs) has announced that new UK Extended producer responsibility (EPR) for packaging rules for all obligated UK organisations that import or supply packaging.

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Menzies

JUNE 24, 2025

Menzies LLP - A leading chartered accountancy firm. What that process will look like is still under consultation and is unlikely to come into effect until Autumn 2026. This makes it relatively low risk to simply dismiss an employee with less than two years’ service, should the need arise.

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Menzies

MAY 10, 2024

Menzies LLP - A leading chartered accountancy firm. The effective date is for periods beginning on or after 1 January 2026 with early adoption permitted, provided all amendments are applied at the same time. LEASE ACCOUNTING There is a new model of lease accounting, based upon IFRS 16’s on balance sheet model.

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Menzies

FEBRUARY 14, 2024

Menzies LLP - A leading chartered accountancy firm. Clean energy Promote investment in renewable and energy-efficient projects by offering fiscal and financial incentives, such as the extension of full expensing of capital allowances beyond March 2026.

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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

NOVEMBER 27, 2023

Menzies LLP - A leading chartered accountancy firm. Here’s what was announced: Full expensing to be made permanent ‘Full expensing’, which came into effect from 1 April 2023 and which replaced the super-deduction has now become a permanent measure and will no longer come to an end on 31 March 2026.

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Menzies

OCTOBER 6, 2023

Menzies LLP - A leading chartered accountancy firm. This relief is of a temporary nature and will expire on 31st March 2026. The acquisition of these assets must be completed prior to the deadline of 31st March 2026. The first instalment will be due on January 1, 2026, upon delivery.

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Menzies

MARCH 6, 2024

Menzies LLP - A leading chartered accountancy firm. Running until the end of March 2026, this scheme offers a 70% government backed loan to SMEs of up to £2m, offering an opportunity for SME tech companies in their growth phase.

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Menzies

APRIL 29, 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

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

NOVEMBER 30, 2023

Menzies LLP - A leading chartered accountancy firm. The consultation feedback on the exposure draft has since led to a delay in the expected implementation date, with the revised version expected to come into effect for periods commencing on or after 1 January 2026. What date does FRED 82 come into effect?

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Menzies

APRIL 23, 2024

Menzies LLP - A leading chartered accountancy firm. Changes to payrolling benefits April 2026 From April 2026, payrolling benefits in kind will be made compulsory via your payroll software and this will remove the need for employers to submit a P11D at the end of the year. What do you need to know?

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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. What is Full Expensing?

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Menzies

MARCH 22, 2023

Menzies LLP - A leading chartered accountancy firm. These come in from 1 April 2023 and run until 31 March 2026 and can be used in conjunction with the AIA. Depending on the circumstances this may defer the tax relief available into the next accounting period.

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Menzies

FEBRUARY 13, 2024

Menzies LLP - A leading chartered accountancy firm. MTD for income tax MTD for income tax is set to be implemented from April 2026. This Spring Budget will be announced against a backdrop of plateaued economic growth, diminishing living standards and above target inflation.

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Menzies

DECEMBER 8, 2023

Menzies LLP - A leading chartered accountancy firm. There will be a transition period up to 2026, after which, CBAM certificates must be bought, to offset the cost of embedded carbon and other emissions. What is it? Contracts and incoterms will need reviewing, to ensure the importer is compliant with CBAM requirements.

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Menzies

JUNE 26, 2024

Menzies LLP - A leading chartered accountancy firm. Carbon output Labour have declared an initiative which would see £500m of funds available annually from 2026 to act as an incentive for manufacturers developing clean energy and investing in good jobs. The conservatives have committed to investing £1.1

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Menzies

NOVEMBER 9, 2023

Menzies LLP - A leading chartered accountancy firm. Extending Full Expensing Capital Allowances: Recognising the capital-intensive nature of the manufacturing industry, we advocate for the extension of the full expensing capital allowances regime beyond March 2026.

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Menzies

JANUARY 5, 2024

Menzies LLP - A leading chartered accountancy firm. These came in from 1 April 2023 and run until 31 March 2026 and can be used in conjunction with the AIA. Depending on the circumstances this may defer the tax relief available into the next accounting period.

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Menzies

JANUARY 4, 2024

Menzies LLP - A leading chartered accountancy firm. Albania, Australia, Belgium, Greece, France, Hungary, Kenya, Poland, Saudi Arabia, Serbia, Spain, Tunisia, Turkey) with about half that number again bringing in rules by the end of 2026 (e.g., for 2021/22. for 2021/22.

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Menzies

JULY 9, 2024

Menzies LLP - A leading chartered accountancy firm. The UK electorate may have voted for a change in government, but underpinning the Labour manifesto is a strong emphasis on stability.

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Menzies

MAY 11, 2023

Menzies LLP - A leading chartered accountancy firm. Read on if you and your manufacturing company falls into one of the following categories: – For manufacturing companies investing in significant pieces of plant and machinery can be key to driving business growth. Should surplus cash be used?

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Menzies

FEBRUARY 13, 2024

Menzies LLP - A leading chartered accountancy firm. We would like to see suitable commitments and practical plans to improve HMRC service levels and for these to be addressed before any potential introduction of Making Tax Digital for self-employed businesses in April 2026.

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Menzies

MARCH 25, 2024

Menzies LLP - A leading chartered accountancy firm. Compulsory Payrolling of Benefits Payrolling of benefits will become the default mandatory method for reporting taxable benefits from 6 April 2026. As another UK tax year draws to a close, here is a summary of the employer’s reporting deadlines that are approaching.

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