guidance Archives - WRLO Accountants

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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Latest guidance for employers

WRLO Accountants — Fri, 03 May 2024 09:46:20 +0000

HMRC has published the latest issue of the Employer Bulletin. The March issue has information on various topics, including: PAYE Settlement Agreement payment reporting expenses and benefits for the tax year ending 5 April 2024 mandating the payrolling of benefits in kind from April 2026 PAYE tax calculator basis period reform — reporting on a tax year basis claiming tax relief on work related expenses — don’t get caught out by bad tax advice. Please contact us for help with tax matters. Internet link: Employer Bulletin

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New HMRC R&D tax relief guidance ‘could be clearer’, says ICAEW

WRLO Accountants — Sat, 06 Apr 2024 08:54:30 +0000

New guidance from HMRC on Research and Development (R&D) tax relief ‘could be clearer’, according to the Institute of Chartered Accountants in England and Wales (ICAEW). HMRC’s draft guidance covers the restriction applying for contractor payments and payments for externally provided workers (EPWs) where the R&D activity takes place overseas; and the new rules for contracted-out R&D. The ICAEW’s Tax Faculty believes that additional clarity would be helpful on a few of the new points. It also said that the guidance‘does not fully address the implications of an arrangement between the customer and the contractor that is governed by multiple contracts’. The Institute has called for the guidance to explain how to determine if the contractor took R&D into consideration at the time of the contract when multiple contract dates exist. The ICAEW also called for clarity on the requirement that the carrying-on of R&D needs to be the primary objective of the customer in engaging the contractor if the customer is to claim the associated R&D tax relief. Internet link: ICAEW website

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