Menzies

AUGUST 21, 2023

After the cessation of the “Super-deduction” capital allowance earlier this year, companies will have access to a new First Year Allowance, referred to as Full Expensing, that allows them to claim a 100% deduction for tax purposes in the year of spend on specific capital investments. What is Full Expensing? What is Full Expensing?

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Menzies

MAY 11, 2023

. – 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. – The tax treatment of capital expenditure can vary depending on the timing and type of purchase.

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Inform Accounting

MARCH 15, 2023

Increasing the pensions lifetime allowance from £1.07m to £2m Increasing the amount people can pay into a pension tax free, i.e. from £40k per year to £60k per year. What was hoped was that the chancellor was going to stop the planned corporation tax rise from 19% to 25% for businesses earning between £50k and £250k in profits.

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Inform Accounting

NOVEMBER 18, 2022

We already knew that he was going to raise taxes and reverse most, if not all of the Truss Budget. The leaked and previously announced tax increases are still going ahead…. Corporation tax from April 1 2023 to increase to 25% for companies with profits over £250,000. What this means is that we are back in Austerity 2.0

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Xero

DECEMBER 20, 2022

HMRC has announced that Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA) has been delayed until April 2026. This can only be a good thing, because regardless of this delay, it remains a vital part of the Government’s journey to digitise the tax process. Why has this happened? The new MTD for ITSA timeline.

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Menzies

NOVEMBER 9, 2023

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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ThomsonReuters

DECEMBER 11, 2023

In the first two installments of our blog series on e-invoicing and Continuous Transaction Controls (CTC), we discussed the basics of e-invoicing and how it affects tax teams and compliance efforts. The purpose of this series is to help readers gain a better understanding of e-invoicing and CTC, and their impact on corporate tax teams.

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Going Concern

JANUARY 2, 2023

This year’s falloff comes during a pivotal year for the board, which over the past year had been doing outreach broadly via an agenda consultation process to set its five-year agenda for 2022 to 2026. What’s more, Mr. Jones does not appear to be fan of the minimum corporate tax. The six ASUs are: ASU No.

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