This site uses cookies to improve your experience. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country, we will assume you are from the United States. Select your Cookie Settings or view our Privacy Policy and Terms of Use.
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Used for the proper function of the website
Used for monitoring website traffic and interactions
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Strictly Necessary: Used for the proper function of the website
Performance/Analytics: Used for monitoring website traffic and interactions
Ujjwal Ahluwalia (Montana), a graduate of University of Delhi with a Bachelor of Commerce (Honors), and a CharteredAccountant from The Institute of CharteredAccountants of India, is employed with American Express in Gurugram, India. accounting and finance industry.
Menzies LLP - A leading charteredaccountancy firm. The Chancellor has announced several policy changes and tax increases that will impact retail. Implementing a modest tax on e-commerce could have facilitated more robust assistance for Business Rates, allowing the retention of the 75% relief.
Menzies LLP - A leading charteredaccountancy firm. These come in from 1 April 2023 and run until 31 March 2026 and the 50% allowance is particularly useful where a company does not have sufficient AIA. Depending on the circumstances this may defer the tax relief available into the next accounting period.
Menzies LLP - A leading charteredaccountancy firm. New Tax Rules for Larger Farms The changes introduced mean that agricultural relief allowing land or pasture to be used to grow crops, or to rear animals, will be scrapped for farms worth more than 1m.
Menzies LLP - A leading charteredaccountancy firm. Rise in Capital Gains Tax However, the rise in Capital Gains Tax, along with upcoming changes to Business Asset Disposal Relief, has raised concerns among the many owner-managed and family-run businesses within the sector.
Menzies LLP - A leading charteredaccountancy firm. From January 2026, UK cryptoasset users will enter a new era of tax transparency. The new reporting rules aim to tackle tax non-compliance, close the tax gap, and help fund vital public services. What’s changing ?
Menzies LLP - A leading charteredaccountancy firm. Effective from 6 April 2025, these changes represent a substantial departure from the previous regime and significantly alter the UK tax landscape for affected families and trustees. It is critical that such exclusions extend to the settlor’s spouse and minor children.
Menzies LLP - A leading charteredaccountancy firm. From the 2026/27 tax year HMRC are requiring certain individuals to maintain digital records and submit quarterly returns. You must register for Making Tax Digital (MTD) if: You are registered for Self-Assessment. Are you required to register for MTD?
Menzies LLP - A leading charteredaccountancy firm. No increase in taxes on ‘working people’ As promised, the Chancellor did not raise ‘taxes for working people’, i.e. income tax and employee’s National Insurance. Nor has the Chancellor increased VAT. for all employees in April 2025.
Menzies LLP - A leading charteredaccountancy 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.
Menzies LLP - A leading charteredaccountancy firm. FAQs Business and Agricultural Property Relief Changes On 30 October, we saw perhaps the most hyped budget of a decade (or so) in terms of the significance of the changes made, particularly in the realm of Inheritance Tax (IHT). The tax saving amounted to a maximum of 40%.
Menzies LLP - A leading charteredaccountancy firm. From April 2026, significant changes to the way Benefits in Kind (BiKs) are reported and taxed will come into effect. This measure aims to minimize the administrative burden for employers and HMRC, simplifying the process of reporting and the payment of tax.
Menzies LLP - A leading charteredaccountancy 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. Eligibility Criteria – Who Can Use the TRF? by 31 January 2027 for 2025/26).
Menzies LLP - A leading charteredaccountancy firm. in 2026, 1.8% Taxes No new tax rises were announced in the Spring Statement which would have been welcomed by the Hospitality & Leisure sector and Rachel Reeves announced shell raise an extra billion pounds in taxes by cracking down on tax evasion.
Menzies LLP - A leading charteredaccountancy firm. General Market Sentiment for Deal The main Capital Gains Tax (CGT) rate change on 30 October 2024 provides an opportunity for transactions to refocus on commercial drivers rather than immediate tax implications.
Menzies LLP - A leading charteredaccountancy firm. We explore potential tax reversals, digital investment commitments, and the impact of policy changes on start-ups, growth, and digital transformation initiatives. The rate of tax is set to increase from 10% to 14% from April 2025 and 18% from April 2026.
Menzies LLP - A leading charteredaccountancy 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? HOW CAN MENZIES HELP YOU?
Menzies LLP - A leading charteredaccountancy 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. Contact us below to discuss.
Menzies LLP - A leading charteredaccountancy firm. This new allowance enables companies to claim a 100% deduction for tax purposes in the year of spend on particular capital investments. This relief is of a temporary nature and will expire on 31st March 2026. As a result, potentially seeing significant tax savings.
Menzies LLP - A leading charteredaccountancy firm. Tax-free shopping Acknowledging the crucial role played by the retail sector in the UK’s economic landscape, we propose the reintroduction of tax-free shopping for international visitors, including those from the EU.
Menzies LLP - A leading charteredaccountancy 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.
Menzies LLP - A leading charteredaccountancy firm. The purpose of this scheme was to make declaring and paying tax on benefits easier, compared to the previous method of submitting P11D forms. Once registered you can apply online before the start of the tax year. What do you need to know? Why payroll your benefits?
Menzies LLP - A leading charteredaccountancy 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.
Menzies LLP - A leading charteredaccountancy firm. Income taxTax Liabilities Given the increased interest rates, more taxpayers will be benefitting from increased interest on income. This means more taxpayers may find themselves with undisclosed tax liabilities and/or needing to file a tax return.
Menzies LLP - A leading charteredaccountancy 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
Menzies LLP - A leading charteredaccountancy 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.
Menzies LLP - A leading charteredaccountancy firm. Taking government tax incentives and available grants into consideration at the start of your journey is a smart move, to ensure you reap the returns in the quickest possible timeframes. Grant Finder updates on a regular basis for other grants available.
Menzies LLP - A leading charteredaccountancy 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. Credit will be given against carbon taxes levied in the country of origin. What is it?
Menzies LLP - A leading charteredaccountancy firm. The R&D tax credits scheme was not specifically mentioned in Labour’s election manifesto – further to significant recent changes to the regime, businesses may welcome some clarity and stability in this area.
Menzies LLP - A leading charteredaccountancy 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., billion in lost tax revenue a year, so there is further work to do.
Menzies LLP - A leading charteredaccountancy firm. You have identified the new piece of equipment your business needs, it’s worth pausing to consider the best way to structure the purchase and tax can play an important role in the determining the best option for your business. –
Menzies LLP - A leading charteredaccountancy firm. Corporation Tax A reduction in the headline rate of corporation tax to support UK business in a challenging economic climate. What could we expect to see from the Spring Budget 2024? April 2017?, [RG1] As a result, technically fall foul of the leasing restriction.
Menzies LLP - A leading charteredaccountancy firm. As another UK tax year draws to a close, here is a summary of the employer’s reporting deadlines that are approaching. The deadline to pay over any tax and NI owed under the PSA is 19th or 22nd Oct depending on the method of payment.
Menzies LLP - A leading charteredaccountancy 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.
Menzies LLP - A leading charteredaccountancy firm. When investing in new plant and machinery, it may be worth fast tracking investment plans to take advantage of the 100% ‘full expensing that applies to investments in plant and machinery until March 2026. This tax currently applies at a rate of £217.85
The GAO notes that auditors have asked for decades that the Pentagon develop a plan to account for that gear and equipment—which can include “ammunition, missiles, torpedoes,” and component parts for those items—to little avail. In 2020, it said the process would be complete by 2026. NJ Accountant Pleads Guilty in $1.3
Menzies LLP - A leading charteredaccountancy firm. The ‘Making Tax Digital’ (MTD) requirements mark a big change for how taxes are reported and managed. Designed to increase the efficiency of the tax system, MTD aims to make tax administration more effective and easier for taxpayers to get their tax right.
Menzies LLP - A leading charteredaccountancy firm. The ‘Making Tax Digital’ (MTD) requirements mark a big change for how taxes are reported and managed. Designed to increase the efficiency of the tax system, MTD aims to make tax administration more effective and easier for taxpayers to get their tax right.
Menzies LLP - A leading charteredaccountancy firm. The tax that passengers must pay when flying from most UK airports increases each year with the forecast Retail Price Index (RPI) and is adjusted in line with inflation.
Menzies LLP - A leading charteredaccountancy firm. Often these E-Invoices are issued via a central interface (often government managed) to legitimise the invoice and automatically store it within both the issuing and receiving entity’s taxaccount.
Menzies LLP - A leading charteredaccountancy firm. Often these E-Invoices are issued via a central interface (often government managed) to legitimise the invoice and automatically store it within both the issuing and receiving entity’s taxaccount.
Menzies LLP - A leading charteredaccountancy firm. Often these E-Invoices are issued via a central interface (often government managed) to legitimise the invoice and automatically store it within both the issuing and receiving entity’s taxaccount.
Menzies LLP - A leading charteredaccountancy firm. Its more important than ever to seek out proactive ways to mitigate the increase in employers NI and other taxes, so that your business is retaining more of its cash. This means that both the employer and the employee are paying less tax on earnings.
Menzies LLP - A leading charteredaccountancy firm. The Labour government announced in the 2024 Autumn Budget that, from 6 April 2026, the availability of 100% agricultural property relief and business property relief will be restricted. BPR is an Inheritance Tax (IHT) relief available against Relevant Business Property.
We organize all of the trending information in your field so you don't have to. Join 237,000+ users and stay up to date on the latest articles your peers are reading.
You know about us, now we want to get to know you!
Let's personalize your content
Let's get even more personalized
We recognize your account from another site in our network, please click 'Send Email' below to continue with verifying your account and setting a password.
Let's personalize your content