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Insolvencies reach 30-year high in 2023

Menzies

Menzies LLP - A leading chartered accountancy firm. The construction, hospitality, and retail sectors were hit the hardest, likely due to their vulnerability to the immediate effects of economic downturns. 2023 Insolvency Statistics in a nutshell The number of overall insolvencies recorded reached a 30-year high.

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Commercial property – Don’t miss the capital allowances opportunity

Menzies

Menzies LLP - A leading chartered accountancy firm. However, once these conditions are satisfied, then large percentages of the cost of a construction/refurbishment/fit-out project, or the acquisition cost of a property, could attract the tax relief. What capital allowances may be available?

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Price is not the only criteria

Menzies

Menzies LLP - A leading chartered accountancy firm. Extra ‘add-ons’ can include: 24/7 online and telephone GP services counselling services and mental health toolkits financial and legal guidance health & diet guidance and fitness programmes physiotherapy and second medical opinions gym and retail discounts.

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Is your profit data misleading you? Part 1 – valuable insight

Menzies

Menzies LLP - A leading chartered accountancy firm. For example: The following business is a foreign currency broker, who supplies both corporate and retail markets. Total Commercial Retail Number of bank transactions 10,000 1,500 8,500 £ £ £ Profit on currency transactions 100,000 40,000 60,000 Bank charges 80,000 ? ?

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Annual Investment Allowance Limit Extension

Menzies

Menzies LLP - A leading chartered accountancy firm. The Annual Investment Allowance (AIA) gives businesses the opportunity to claim 100% capital allowances in the year of expenditure on qualifying capital assets. ANNUAL INVESTMENT ALLOWANCE PERMANENTLY SET AT £1 MILLION.

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When the going gets tough, businesses can’t afford to stand by – so they must act

Menzies

Menzies LLP - A leading chartered accountancy firm. Better-than-expected sales statistics from retailers and hospitality & leisure operators collected since the start of the festive period, and the announcement that the UK economy grew by 0.1

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What If you can’t pay your self assessment income tax bill on time

Menzies

Menzies LLP - A leading chartered accountancy firm. If you find in this time of uncertainty that you are unable to pay your self assessment income tax liability, there is help at hand. If you have already missed your payment, you should contact HMRC as soon as possible.