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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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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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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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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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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.

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Digital Transformation & ESG – two goals you should be thinking about in 2023

Menzies

Menzies LLP - A leading chartered accountancy firm. The Office for National Statistics reported that, by May 2022, revenue from internet sales had increased by half compared to 2020. Digital Transformation and ESG are two hot topics amongst developing businesses right now. What is Digital Transformation and ESG?