article thumbnail

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.

article thumbnail

B2B Payment Terms In Flux Amid Market Volatility

PYMNTS

While the move was welcomed, Construction Products Association Economics Director Noble Francis told the publication that it is unclear how the government would enforce this, and raised concerns that the construction sector is particularly vulnerable to the consequences of late payments. 120-day payment terms are in effect for U.K.

B2B 89
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

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?

article thumbnail

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 ? ?

article thumbnail

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. Life cover.

article thumbnail

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

article thumbnail

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.