| |
| |
Ten point business manifesto includes call for refined industrial strategy
| |
We have released, in partnership with The Business Magazine, a ten point business manifesto which crystallises what business leaders in the Thames Valley and South of England want from the next government. The manifesto, which was sent to political leaders this week, set out ten key points from research carried out by The Business Magazine and James Cowper Kreston over a three month period. | | | |
The study spoke to business leaders from 40 companies across the Thames Valley and Solent with 100 senior decision makers from the region also canvassed in an online poll. The findings were then presented to two think tank groups in the Solent and Thames Valley for consideration with the outcome being the ten point manifesto below. | |
| |
| |
Spring Budget 2024 - Online Seminar | |
| |
On 6th March, the Chancellor of the Exchequer, Jeremy Hunt, announced stronger growth predictions from the Office of Budget Responsibility, (0.8% this year up from its previous prediction of 0.7% and the 2025 forecast raised to 1.9% from 1.4%), giving Jeremy Hunt the wiggle room to deliver a “Budget for Longer Term Growth” with a focus on “Making Work Pay”.
We held our online seminar, where some of our partners discussed the changes announced and how these could impact you and your business. Watch the recording of our seminar via the link below. | |
| |
| |
Possible VAT impact of increased bank interest earned from client accounts | |
The recent welcome increase in Bank and savings interest rates can unfortunately have a negative consequence for certain VAT registered businesses, mostly legal firms, but potentially other businesses also. If a solicitor for example holds client funds before a transaction is complete and is entitled to retain some or all of the interest earned, the VAT liability of the interest is exempt. | | | |
As the earned interest is part of the business model of the solicitor, the business must perform a “partial exemption” calculation. Recently the very low bank interest rates usually meant that total interest in the year was less than 1% of turnover, so the business was “fully taxable” under the rounding up rules. Once the interest exceeds 1% of total turnover, the business may have to restrict VAT recovery on overhead costs (termed residual input tax) such as office rent, light and heat, audit fees, IT costs etc. | |
| |
| |
HMRC warns self assessment taxpayers as scam referrals rise | |
HMRC is warning people to be wary of bogus tax refund offers following the self assessment deadline on 31 January.
The tax authority says that fraudsters could set their sights on self assessment taxpayers, with more than 11.5 million submitting a tax return by the deadline. | | | |
HMRC warns that taxpayers who completed their tax return for the 2022/23 tax year by the 31 January deadline might be taken in by an email, phone call or text message offering a tax rebate. | |
| |
| |
Advisory fuel rates for company cars | |
New company car advisory fuel rates have been published and took effect from 1 March 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. | | | |
| |
| |
What are the most common reasons for minimum wage breaches? | |
HMRC investigations led to 524 employers paying back £16 million in wages underpaid to over 172,000 workers, together with potential fines of double that amount. Most National Minimum Wage breaches were unintentional and in this article we look at some of the common employer mistakes. Number one on the list was underpayments resulting from salary sacrifice schemes. | | | |
Find out more in our latest article below which also includes a video guide to 4 National Living and Minimum Wage rates. | |
| |
| |
Redundancies, new video employer guide | |
No employer relishes the prospect of making redundancies, but sometimes it is inevitable. JCHR’s latest 10 minute video guide highlights the core elements of the redundancy process, including new legislative changes coming in April.
You can read the full article, or watch the video by clicking below. | | | |
| |
| |
| |
| |
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 | |
| |
The information in this newsletter must not be relied on as giving sufficient advice in any specific case.
| | | |
| |
| |
| |
| |
