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Spring Budget 2024 – Property Sector Commentary

Menzies

Menzies LLP - A leading chartered accountancy firm. The abolition of the regime is being accompanied by the announcement that the CGT rate on sales of residential property will decrease from 28% to 24% with effect from 6 April 2024. Did the budget produce any positives for the property and construction sector?

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Changes to Structures and Buildings Allowance

Menzies

Menzies LLP - A leading chartered accountancy firm. Whilst it may appear that many costs of a construction project will not qualify for plant and machinery allowances, it is certainly worth investigating as the rules are detailed and may apply to more costs than expected. Who do the new tax relief rules apply to?

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Monday Morning Accounting News Brief: Big 4 Firms Hate Going Concern (Warnings, That Is); Being a Whistleblower Blows | 5.20.24

Going Concern

PwC is facing legal action claiming the accountancy firm is liable for the alleged rape of a graduate employee following after-work drinks. Another batch of Big 4-affiliated firms in India have been smacked down by regulators for their close relationship with the multinational body.

audit 95
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Top 5 Stamp Duty Land Tax (SDLT) Reliefs for Property Investors and Developers

Menzies

Menzies LLP - A leading chartered accountancy firm. This provides a developer which is a house building company with a sale where the vendors sale has fallen through or where they are having difficulty securing a sale. In this article we outline the top 5 SDLT reliefs that you need to be familiar with.

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Capital vs revenue expenditure in the context of properties

Menzies

Menzies LLP - A leading chartered accountancy firm. Capital expenditure When selling a property you can deduct “enhancement (improvement) expenditure” in calculating the resulting gain or loss on the sale. where a tennis court was constructed but later demolished to make way for a swimming pool.

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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. In some cases this could impact the future sale price.

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Friday Footnotes: CPA Says Stop ERC Fearmongering; Deloitte Cussed Out For ‘Grueling Culture’; Worst Books Ever | 2.23.24

Going Concern

Patrick, now a resident of Cody, Wyoming, co-owned a media brokerage firm with her husband and hired an accounting firm to prepare business and personal tax returns for 2012 through 2014. Despite receiving the completed and accurate tax returns from the accounting firm, Patrick did not file them with the IRS.

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