government Archives - WRLO Accountants

Billion-pound tax bombshell to hit hospitality, warns trade body

WRLO Accountants — Fri, 04 Oct 2024 19:00:23 +0000

The end of business rates relief will sting hospitality with a £928 million bill in April unless the government acts in the Budget, warns UKHospitality. Hospitality and leisure businesses face their bills quadrupling if business rates relief ends as planned on 31 March, it adds. The trade body is calling for the Chancellor to introduce a new lower, permanent and universal rate for hospitality’s business rates at the Budget on 30 October. It says the current business rates system unfairly penalises hospitality, with the sector paying three times more than it should do. UKHospitality wants to see a lower, permanent and universal rate, or ‘multiplier’, for hospitality businesses. Kate Nicholls, Chief Executive of UKHospitality, said: ‘Hospitality businesses are facing a devastating cliff-edge next April, when many will see their bills quadruple. ‘The scale of this almost billion-pound tax bombshell is just not viable. Many will face risk of closure, be forced to let people go to stay afloat, or shelve their investment plans. ‘There has to be a solution that avoids this cliff edge, and a lower, permanent and universal multiplier for hospitality would deliver that. ‘Not only would it give certainty and stability to businesses, but it would allow […]

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Chancellor takes difficult decisions as Budget date set

WRLO Accountants — Sat, 03 Aug 2024 16:37:06 +0000

Chancellor of the Exchequer Rachel Reeves said she was taking difficult decisions after a Treasury spending audit revealed £22 billion of unfunded pledges. Ms Reeves confirmed that the Autumn Budget will take place on 30 October. In a statement to Parliament, the Chancellor made a number of announcements but said there would be more to come on tax and spending plans at the Budget. The Chancellor said that she has inherited a £22 billion hole in the public finances and said urgent work is required to reduce the pressure on finances by £5.5 billion this year and over £8 billion next year. Ms Reeves announced that the government will cut Winter Fuel Payments to those not in receipt of pension credits or other benefits. The Chancellor announced a number of immediate savings, including: £800 million this year and £1.4 billion next year from scrapping the Rwanda migration partnership and scrapping retrospection of the Illegal Migration Act. £70 million this year by cancelling the Investment Opportunity Fund and other small projects. £185 million next year from cancelling the Advanced British Standard. £785 million next year from stopping unaffordable road and railway schemes. Ms Reeves also outlined the next steps in delivering […]

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Business ready to work in partnership with Labour government

WRLO Accountants — Fri, 05 Jul 2024 16:21:52 +0000

The UK’s business groups have pledged to work in partnership with the new Labour government to revitalise the nation’s economy. Labour leader Sir Keir Starmer is the new Prime Minister after leading the party to a decisive win in the General Election. Shevaun Haviland, Director General of the British Chambers of Commerce (BCC), said: ‘Congratulations to the Labour Party on their victory after a long and hard-fought campaign. ‘The public have delivered them a clear and decisive parliamentary majority – hopefully they will use this mandate to provide the stability and certainty businesses crave. ‘How we revitalise our economy was hotly debated throughout the past six weeks, and it is encouraging to see they have many policies which clearly align with our recommendations. ‘But after a gruelling election the really hard work starts now. We need to see action from day one on pulling together a coherent industrial strategy for the long-term, which places a strong emphasis on harnessing green innovation. ‘Closing the skills gap, growing exports, boosting productivity and harnessing the power of AI won’t happen overnight.’ The Confederation of British Industry (CBI) also congratulated Starmer and Labour on their victory. Rain Newton-Smith, CBI Chief Executive, said: ‘Delivering sustainable […]

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