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AICPA News – July 2025

CPA Practice

Ujjwal Ahluwalia (Montana), a graduate of University of Delhi with a Bachelor of Commerce (Honors), and a Chartered Accountant from The Institute of Chartered Accountants of India, is employed with American Express in Gurugram, India. accounting and finance industry.

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Friday Footnotes: Auditors Can Prevent Fraud With Fibbing; AI Rollup Accounting Firms Are So Hot Right Now | 6.20.25

Going Concern

DOD Will Pass Audit by 2028, Comptroller Confirms [ US Department of Defense ] The Marine Corps has already passed a financial audit, and the Defense Department has until 2028 to do the same, the department’s comptroller said today during a hearing before the Senate Armed Services Committee in Washington.

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Tax Changes Impacting Offshore Trusts Created by Non-UK Domiciliaries

Menzies

Menzies LLP - A leading chartered accountancy firm. Further, those who previously claimed the remittance basis may benefit from the Temporary Repatriation Facility (TRF) , available from 6 April 2025 to 5 April 2028. Distributions matched to income pools continue to be taxable at the beneficiary’s marginal rates.

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Making Tax Digital (MTD) for Self-Assessment

Menzies

Menzies LLP - A leading chartered accountancy firm. Your qualifying income exceeds the MTD thresholds: 50,000 in tax year 2026/27 (based on 2024/25 earnings) 30,000 in tax year 2027/28 (based on 2025/26 earnings) 20,000 in tax year 2028/29 (based on 2026/27 earnings) How is qualifying income calculated?

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Spring Statement 2025 Commentary: Hospitality & Leisure

Menzies

Menzies LLP - A leading chartered accountancy firm. in 2028 and 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. in 2026, 1.8% in 2027, 1.7%

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End of Non-Dom Status and Planning Opportunities Around the Temporary Repatriation Facility

Menzies

Menzies LLP - A leading chartered accountancy firm. This facility offers a time-limited window, from 6 April 2025 to 5 April 2028, during which eligible individuals may elect to bring previously untaxed foreign income and gains into the UK at significantly reduced tax rates.

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Autumn Statement – Although investors and companies might have wished for more, the markets react calmly

Menzies

Menzies LLP - A leading chartered accountancy firm. The lack of clarity about whether the Energy Price Guarantee for companies will continue beyond the start of April and the decision to freeze the National Insurance Contribution (NIC) secondary threshold for employers until April 2028, have been seen as negatives.