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Manifesto for Investment, Health and Growth in the Thames Valley | |
We are proud to announce the launch of our manifesto for Investment, Health and Growth, in collaboration with Thames Valley Chamber of Commerce and Green Park (Reading) - an initiative designed to advance the Thames Valley region to ensure its global reputation as a world leader in the field of Health and Life Sciences (HLS). | | | |
The manifesto, spinning out of the Chambers' established Health and Life Sciences Working Group, outlines a strategic vision aimed at driving innovation, attracting investment, and enhancing public health outcomes. | |
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VAT recovery on the costs of a sale of a subsidiary | |
The Court of Appeal has recently issued its decision in the VAT case of Hotel La Tour. The case concerned VAT recovery on the costs of selling shares in a subsidiary to raise funds to build a new hotel. The court decided that the professional fees incurred by the hotel chain had a “direct and immediate” link to the initial sale of the shares, a VAT exempt supply on which VAT is not recoverable. | | | |
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| Advisory fuel rates for company cars | |
New company car advisory fuel rates have been published and took effect from 1 June 2024.
The guidance states: ‘you can use the previous rates for up to one month from the date the new rates apply’. The rates only apply to employees using a company car. | | | |
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JCHR HR & Payroll outsourcing update - £142k award for flawed redundancy consultation | |
Redundancies are hot in the press again with employer’s failure to follow proper consultation procedures being a particular theme in employment tribunals. In Foley Vs Digital River, a US-owned company, the Irish labour court concluded that Digital River had “carried out a box-ticking exercise to give the illusion that it was following fair procedures required in implementing a redundancy.” | |
The result was a £142K compensation award against the employer. Elsewhere, a Glasgow music venue owner was fined the maximum 90 days pay per employee for failing to follow consultation procedures in an action bought by Unite union, who are also in the press this month claiming that Whitbread are failing to consult properly over proposals to cut 1500 jobs this summer. | | | |
It’s important to follow correct redundancy consultations, and JCHR’s combined payroll and HR outsourcing service assist employers to do precisely that. You can read more about these cases and the conclusions employers can draw from them by clicking here. | |
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VAT impact of advance payments for school fees | |
Many parents are considering making advance payments of their children's private school fees, in order to avoid the risk of VAT being added if the Labour Party wins the next election. The Labour Party election manifesto confirmed that it would remove the current VAT exemption for private school fees, so that the fees would become VAT standard rate. | | | |
The tax point for advance payments received by a school is the date when the monies were received or an invoice issued (whichever is earlier) and the VAT rate on this date applies, even though the education service is not provided until sometime in the future. Many schools already routinely offer a pre-payment option for fees, but apparently some schools have responded to this potential change in the VAT rate, by allowing parents to pay in advance for seven years of fees. | |
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James Cowper Kreston is a leading firm of accountants and business advisers, with offices across the South of England. We deliver focused, innovative advice to a diverse range of businesses and individuals helping our clients to maximise their potential. If you would like to discuss any of the topics raised within this newsletter please email us on info@jamescowperkreston.co.uk or call us on 01635 35255. James Cowper Kreston | |
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The information in this newsletter must not be relied on as giving sufficient advice in any specific case.
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