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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. Partnership Tax TRP Remove Treas.

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Tax Changes Impacting Offshore Trusts Created by Non-UK Domiciliaries

Menzies

Menzies LLP - A leading chartered accountancy 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.

Tax
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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. 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. CGT to just 12% or 15% flat tax (depending on the year of distribution or benefit provision).

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Spring Statement 2025 Commentary: Hospitality & Leisure

Menzies

Menzies LLP - A leading chartered accountancy firm. in 2028 and 1.8% In the meantime, the OBR predicts households will have an extra annual 500 of disposable income which is unlikely to significantly benefit the sector! Instead, the main focus was on public spending cuts and injections of funding into other sectors.

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Increase in National Insurance Contributions on the Way

Menzies

Menzies LLP - A leading chartered accountancy firm. In the 2022 autumn budget, Jeremy Hunt confirmed NIC thresholds would freeze until April 2028. Salary from directorships and employment income is subject to both employee’s and employer’s Class 1 NICs. Introduction. The Health and Social Care levy has been scrapped.

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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. Conclusion.

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Basis Period Reforms – Do you have sufficient funds?

Menzies

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. It may also be beneficial where there has been a less profitable year of trading and the individual is taxed at a lower rate of income tax in one of the following 5 years.