#HMRC contracts

[sourcreammachine]

LABOUR PARTY MANIFESTO 2024 SUMMARY ie, the agenda of the party that'll win

tldr: Milton Keynes, by which i mean it's keynesianism but really boring. it's the principle of keynes, but with its ambitions scaled so far back that it no longer even qualifies as social democracy

you’ve probably heard that they want to increase spending without increasing tax. the theory goes that state investments reap dividends — the deficits you run will grow the economy, so your dividends will go up, so debts will always be repaid. this how this manifesto can justify being so scant on revenue-raising, the existing sources of revenue should automatically reap more over time

but, keynesianism is very fundamentally sociodemocratic. state expenditure goes to big-ticket economic infrastructure to improve AND to public services, to improve health and wealth, which serves to grow the economy further – a slightly cold but contextually understandable framing for the fact that stamping out poverty and delivering vital public services is a moral imperative and a good thing

this wheezy manifesto fails in all that, fundamentally. there are spending plans for public services but they are tiny compared to the big-ticket economic investments. it's keynesian theory in liberal practice, and i say that derogatorily. it's the same neoliberal system with the smallest yank back towards un-neo liberalism to try to save it from itself

literally, in the Innsmouth debate last week starmer was asked why he wouldn't raise taxes on high-earners to fund the beleaguered public services that've been crushed and broken, and starmer gave a coward's answer, saying it wasn't the right thing to do, in the poorest town in the country, in front of an audience of fishpeople, not an audience of aristocrats and six-figure salarymen

which serves my point. this isn't a manifesto of enlightened, committed socioliberalism, far from it: this is a manifesto of cowardice. rumours suggested it could've been about 30 pages long, around a third of the typical length. and while it's not that short, it's been padded to hell and back with justifications, waffle, and masses of promises with no policy to make them so. even objectively non-economic policy is anaemic, with scant plans for reform, scant plans for social policy, and scant plans for anything

labour alleges it's plan is to decentralise power and end the autophagic hypercentralist leadership. but no, that couldn't be further from the truth. sir kid starver is running for president. he wants a blank cheque. he wants the right to make decisions. he "changed the labour party" to centralise power to override internal power controls, and not because he's an evil scheming autocrat, but because he has zero faith in democracy. they are the decisionmakers. they are the governors. participatory democracy is impossible, shut up and do your job: putting them in power

it’s also the only manifesto i’ve found a typo in, on page 125. naughty naughty

💷ECONOMY

LITERALLY NO TAX PROPOSALS

abolish nondoms and 'end the use of offshore trusts'

restore the industrial strategy council quango with legal authorities

make the independent minimum wage commission 'account for the cost of living', maybe raising it one maybe two bob idk, and abolish the age bands so everyone gets the adult wage

ban zerohour contracts, ban fire-rehire, strengthen rights to to sick pay, parental leave and protections from unfair dismissal

extend the oil/gas windfall tax for five more years, raise it by three percent, and close loopholes

"people who can work should work, and there will be consequences for those who do not fulfil their obligations"

reform the work capability assessment system, though based on above, it'll be to get more and quicker rejections

not increase the internationally tiny business tax for the entire parliament, letting the invisible hand wank everyone off

more registration/reportage requirements at HMRC, tactical focus on the tax avoidance of corporations and the rich [which like, aint that how it's supposed to be already?]

unify employment law / workers' protections authorities into a single enforcement body, "we will strengthen the collective voice of workers, including through their trade unions" [clarification needed]

programme to get under-21 neets into free training or work programmes with a focus on mental health

£7b centralised national wealth fund for economic investment including automotive gigafactories and steel

new state energy company, long an ephemeral promise of theirs, now confirmed to be backend-only, responsible for building and maintaining infrastructures, while the private companies remain responsible for selling the electricity to the people

remove planning restrictions on datacentres

strengthen Equality Act regulations for gender, racial and disability pay imbalances, increasing workers' ability to sue the pants off their employers

create a regulatory innovation office to coordinate new regulations for rapidly moving economic sectors, ie big tech, with a specific pledge to introduce 'binding regulation on the handful of companies developing the most powerful ai models”

aim to double the size of the cooperative/mutual sector

turn a blind eye to the City just like all other major parties

🏥PUBLIC SERVICES

free breakfasts in primary schools, but not lunches

put misogyny on the curriculum

i mean like. teaching about misogyny. that it's bad

reform royal mail 'so that workers and customers can have a stronger voice', implying preventing its privatisation to that czech billionaire

found the national care service

recruit 8500 mental health staff, reform the mental health acts

6500 more 'expert' teachers [citation needed]

double the number of CT and MRI machines

'end HIV cases by 2030'. they won't do it tho

mental health professionals in every school

build a boatload of new inhouse integrated features into the NHS app, with an inhouse appointment system, local service referrals, vaccination reminders and a pool of personal medical guidelines and treatment information

convert some colleges into specialist technical colleges

3,000 "new" nurseries glued onto primary school sites

finally end the "charity" status of for-profit private schools to make private parents pay their fair share

ok, here's the bulk of labour's trans policy, and the unfortunate reason why i've chosen to list it under public services: they've pledged to reform the Gender Recognition system, per them, "to remove indignities for trans people who deserve recognition and acceptance; whilst retaining the need for a diagnosis of gender dysphoria from a specialist doctor". they continue with an equally cowardly statement to 'support the implementation of single-sex exceptions'. this is a coward's position because the labour leadership is terrified of the commentariat and the terf cult it stands by. that's also why there's a fleeting line to "implement the expert recommendations of the cass review". lmao, they should call him wes fleeting. truth is, they have no plan to reform gender recognition. the abolition of the transmedicalist clause is the minimum amount of feasible and meaningful reform that could have any sort of political momentum, but that minimum is over the line for the terfs and will cause commentariat outrage. the labour right has no ability to change the situation of trans people by staying on the fence, they'd have to commit to supporting the struggle for freedom — and their choice is to stay on the fence

reintroduce the age-gated fag ban, maybe raising it from 2006 to like 2008

limit the number of branded items of uniform schools can require

replace ofsted headline grades with a 'report card system', 'bring multi-academy trusts into the inspection system' but not abolish the indefensible MAT system

🏠HOUSING

ban no-fault evictions, introduce more powers for renters to challenge rent increases

reintroduce mandatory housebuilding targets, national target to build 1.5M in five years

abolish leaseholds, ban flat leaseholds and replace them with commonholds

scramble and deploy more planning officers to local councils, which are to keep stronger housebuilding plans, and with combined authorities given full power (and requirement) to plan and housebuild with their funding

reform compulsory purchase compensation laws to force the price of appropriations down to actual value rather than speculative value

explicit threat to nimby councils: "we will ensure local communities continue to shape housebuilding in their area, but where necessary [we] will not be afraid to make full use of intervention powers to build the houses we need"

prioritise brownfield development [clarification needed] but release and build on 'grey belt', their neologism for shit green belt that nobody wants

ensure social housing is central to the building scheme

ban new developments being sold to international buyers before construction ends, ie, slowing the hypergentrification of luxury districts, though possibly not fixing these areas or even doing enough to stop the trend

new New Towns, which'll be 'part of a series of large-scale new communities' [clarification needed]

🚄TRANSPORT

simply wait for the franchise-concession system to lapse, established in 2020 when the private franchise system collapsed, then give british rail the contracts as a single island-wide renationalised train operator with a unified consumer frontend

return to local councils the ability to franchise their own bus networks (ie, not centrally fund their doing so) and let them create their own unified travel networks (like the bee in Manchester)

expand freightrail

devolve to mayors rail british rail planning for their areas

restore the 2030 ban of new petrol cars, build more ev chargers

👮FORCE

raise defence spending to 2.5% GDP

points-based immigration system and restrict visas, ban employers who break migrant labour laws from hiring any migrant again, intelligence border command 'hundreds of new' officers to stamp down on desperate people wanting a better life, new home office unit for mass deportations

recognise palestine… but no commitment to do it immediately or unambiguously, only “as part of the process” etc etc etc. “push” for an immediate ceasefire

'Respect Orders', ASBOs 2, with power to ban people from entering town centres

'force' fly-tippers and 'vandals' to 'clean up the mess they have created'

mandatory referral to reoffending programmes for young people caught with knives

end the sengoku period by enacting katanagari

SVU in every police force, 'using tactics normally reserved for terrorists and organised crime

upgrade any and all hate crimes to aggravated offences, though not actually amend the definition. Brianna Ghey's slaughter was, under the letter of the current law, not a hate crime, despite one of her killers openly admitting to targeting her due to her being transgender

ban conversion therapy including for trans people

make spiking a specific criminal offence

extend protection against domestic violence in marriages to cohabitees

reduce relations with china

'build on the online safety act', not ruling out the potential for a bad internet bill

massive building of new prisons

"labour is committed to reducing gambling-related harm. recognising the evolution of the gambling landscape since 2005, labour will reform gambling regulation, strengthening protections. we will continue to work with the industry on how to ensure responsible gambling" is the entire section on gambling. don't get me wrong, this is scandalous. the country's gambling laws are lax beyond words and an international laughing stock. The House have not hidden their infiltration of the labour party lobbies - their biggest catch is probably Tom Watson, former deputy leader-turned-gambling lobbyist, who waged civil war on corbyn, founded the major caucus against him, and so commands major respect from the labour right MPs who'll be in the new government. this pathetic paragraph means The House can continue to demolish lives for the next five years at least and the public health emergency will continue to burn. i fucking BEG prime minister starmer to remove all equivocation from the first two sentences of this paragraph, and throw the third in the bin. a punt on the game, a night in the bingo hall, the lottery are all brilliant and beloved, but The House being let loose to make money on people's lives makes it an enemy of public health.

continue to be the american empire’s prettiest bitch

🌱CLIMATE

zero-carbon electricity by 2030**: quadruple offshore wind, triple solar, double onshore wind, rollout Small Modular Reactors

**two asterisks: first to maintain a 'strategic reserve' of gas stations for energy security, and second "ensure a phased and responsible transition" to not Thatcher the communities that're employed in gas. idk, it seems like you can't do that in six short years without a radical plan

commitment to upgrading the Grid (a long-looming problem), which may well push through projects that annoy the nimbys

no new licenses for oil extraction, no new coal licenses, permaban on fracking

three new national forests, plant millions of trees, expand protected wetlands, woodlands and Pete Boggs, seed new woodland

LEAVE WATER PRIVATE despite the shit situation (shituation), but ban bonuses of dumping bosses and criminalise repeat dumping

introduce a land-use framework for economical usage of land, a policy shared by the liberals

end the badger cull, ban trailhunting, ban trophy imports, ban puppy farming

🗳️DEMOCRACY

votes at sixteen

immediately evict all 92 hereditary Filth, but keep the 25 bishops

immediately introduce an 80-year age limit for the Filth, with evictions occurring at the end of the parliament the Filth turns 80. also introduce minimum attendance requirements, and eviction for rulebreaking. 308 of the 709 filth who aren't hereditary or bishops are 75 or older right now

"Whilst this action to modernise the House of [Filth] will be an improvement, Labour is committed to replacing the House of [Filth] with an alternative second chamber that is more representative of the regions and nations. Labour will consult on proposals, seeking the input of the British public on how politics can best serve them." okay. look. i know you're intelligent enough to see that this paragraph is just a get-out-of-jail-free card. president starmer has no plans to replace the Filth with democracy, because the patronage spoils system is too useful for his closed-door regime. that's also why there's nothing about electoral reform, the dumb bad stupid system simply serves him and regime-minded political operators too well. democracy is for chumps. end of story. sorry peasants

keep the indefensible voter id system

new council of all first ministers and mayors for some reason

more combined authorities, with devolution of transport, adult education, housing, and 'employment support', give the new CAs 'strong governance arrangements' and renew those of the existing ones so the CA areas have better governments

create a commons modernisation committee to modernise the commons' useless old practises, with its purview including replacing the pairing system with proxying

ban on MP second jobs in advisory or consultancy roles, task the (above) committee in restricting other second jobs, 'enforcing restrictions on ministers lobbying for the companies they used to regulate' [clarification needed]

[dontcallpanic]

So, I'm doing adulty things like contacting banks and sorting taxes and creating work contracts and throughout it all I am haunted by the idea that whoever linked all this terrifying admin with demons knew exactly what they were doing.

You want to access this money/power - well you're going to need all these arcane texts (identification documents). You need to present them in the exact right order and if you get them out of order then poof the demon (admin person) vanishes. If you get through that stage you need to say the magic word (provide passwords) and again if you submit any one of the numbers/letters out of order then the whole thing goes up in smoke... or alternatively the wrath of the demon is unleashed and you loose access to your (money) power. Obviously, IF you get everything submitted in the right order with the right magic words then you are allowed access (but at what cost!).

And then there's contracts. You have this really long, jargon heavy (occasionally latin) document that definitely gives rise to the expression 'the devil is in the details.' On the face of it, it's just a bunch of symbols and paper but if you sign your name to it (and names have power), because we all believe in it and build our entire society on this stuff, it takes on this imense power. So we get that whole be careful what you sign your name to warning. And it may have tricky little clauses that trip you up or are designed to entrap you (very fae). Also if you happen to break this contract really, really terrible things are going to happen and people are going to hold you VERY accountable for ALL your actions and there's a chance you might loose everything you worked hard for. If that's not a demonic contract/ deal with the fae, I don't know what is!

And Taxes are similar in that you need all these symbols (numbers) written down in the right order, in the right place and if you get one symbol out of place, the demon (HMRC) is going to rain fire and brimstone down on your soul (fine you heavily). Of course, if you refuse to even engage with the demon (HMRC) said demon will hunt you down and still rain fire and brimstone down on your soul. - There's definitely something to be said about not giving your name to demonic creatures in the first place because that's absolutely how they find you! So then there's something here about trading your name for power (access to money and things we need to live?).

Does this make accountants, demonologists? I hope so.

And in future should I have to write an encounter with a terrifying demon I am definitely going to imagine the kind of terror and stress that my tax return inspires!

Yes... I am going insane with all this bureaucracy and yes, imagining I am making an arcane deal with a demon and/or the fae is making me feel better about it!

[artezavisions]

Need help with our current and future legal fees

I am reaching out to you today to humbly ask for your support in our fight against the dishonest and frankly totally unfit executor of my wife's mother's will.

He has bombarded our family with many insults, lies, and totally untrue accusations. Some are extremely personal, obscene, and completely unfounded. All these messages were sent via WhatsApp and Messenger. On one occasion he said to my wife after she questioned what he was doing 'It's nothing to do with you and anyway you will be dead soon' Copies of all these messages are held by our legal representatives.

We desperately need to remove him as an executor but this is proving to be beyond our means.

Our solicitor needs 1500 pounds to prepare the case and then a further 2000 pounds to submit it to the court. After that, if there is a hearing, costs will spiral.

Sadly, this individual (My wife's brother) has failed badly to carry out his responsibilities with honesty and integrity, causing undue hardship, mental anguish, and many legal challenges for my wife. He has resisted every attempt we have made to negotiate an end to this matter. His replies to requests made by our legal representatives were met with the same vitriolic comments we have been receiving. Once even accusing them of Fraud and threatening them with being reported to HMRC.

We also suspect that at or around the time of my wife's Mother's death he took amounts of money from her bank and savings accounts though we cannot prove this as we have not got access yet to her banking records. We have written to the relevant banks and building societies in order to investigate this further.

He has withheld the information from my wife for almost four years that she was named as a co-executor of the estate. We only got sight of the will he holds in early 2023. This happened after he had taken legal advice which he seems to have now abandoned.

Without her knowledge or permission rented out her mother's property in September 2019 some 8 weeks after her death.

This rental was not registered with the proper authorities and as far as we know no contract was signed. He has since registered himself as the landlord and owner of the property with the rental authorities(2022). He has taken the rent from that property for his own personal income Est 40,000 pounds to date. This money belongs to the estate.

We are asking for donations in light of our mounting legal fees as we have all but exhausted our savings and are unable to continue. We plan to have him removed as an executor so we can finally close off the estate. This can be a very expensive and lengthy process.

To date, he has not applied for probate for the estate but rather used the assets of that estate for his own financial benefit. He had the house valued even before the funeral had taken place and rented out the property only a few weeks after. He did not register the rental of the property with the appropriate authorities. The house was not insured and no contract was in place with the tenant. He did not remove any of my wife's parent's belongings or furniture. These were left for the tenant to package up and store outside the house in a lean-to garage. Anything my wife would have wanted to keep as a memento has now gone. We imagine photographs, letters etc are all destroyed.

He continues to attempt to insult our family via social media and any other means at his disposal, though we have blocked him wherever we can.

He has made no attempt to instigate a probate application himself nor is he showing any signs of cooperating with us. My wife's mother had always insisted that there was enough money in her accounts to pay for the funeral expenses. This proved not to be the case and we made up the difference.

To ensure that justice is served and the wishes of the deceased are respected, we are in need of financial assistance to cover the mounting legal fees. Every donation, no matter the size, will bring us one step closer to holding this person accountable and ensuring a just resolution. We kindly request your generosity in helping us fight for what is rightfully ours and stand against dishonesty. Any contribution will make a significant difference in our pursuit of justice. Thank you in advance for your support and belief in our case.

[alexander-clifford]

Subcontracted R&D Tax Relief Guide for SMEs & Large Companies

Outsourced research and development can boost your R&D tax credit claim, but how does it work? We cover all this and more in our guide to subcontracted R&D. Learn whether your SME or large company can claim, how the merged scheme may affect subcontracted R&D claims, the eligibility criteria for R&D activities, and even get visual aid on the latest HMRC policies.

For many businesses, there may come a time in their research and development project when there is a necessity to outsource specific activities. These expenses can present for some, as a financial burden — that is unless they have a plan to claim R&D tax credits.

As an initiative formed by the British government, the R&D tax credit relief has a wide range of criteria that businesses must adhere to. In our mission to simplify the R&D claims process, we’ve compiled all of the relevant information on outsourced R&D to help you prepare for your future successful claim.

What is Subcontracted R&D?

When an individual, business or organisation is outsourced to complete research and development activities, it’s known as subcontracted R&D.

While the subcontractor carries out specific tasks, the contracting company retains control over the research and development project. These tasks may include:

Developing new products

Carrying out research

Constructing new processes

Forming new technologies

For some businesses, the costs incurred as a result of outsourcing research and development activities may open the doors to additional financial resources in the form of R&D tax credit relief. Similarly, those contracted to carry out research and development activities may benefit from the relief, contingent on the contracting party.

Subcontracted R&D Under the SME Scheme

When it comes to subcontracted R&D as an SME (small and medium sized enterprise), claiming R&D tax credits can come with contingencies.

Provided they are the contracting party, SMEs can benefit from R&D tax credits under the SME scheme when they outsource research and development activities to:

Other SMEs

Large companies

Qualifying bodies

As a subcontractor however, SMEs cannot claim the tax relief under the SME scheme. Instead they must claim incurred costs under the RDEC scheme — but even that provides limitations.

The following is a visual example of subcontracted R&D for SMEs:

Subcontracted R&D Under RDEC

SMEs looking to claim R&D tax credits as a subcontractor under RDEC, can only do so if they have incurred qualifying research and development costs for activities performed for large companies.

For large companies, subcontracted R&D under RDEC is more straightforward, due to the fact that large companies can only claim as a subcontractor if they are outsourced by another large company or by a group company.

As a contracting company, large companies can claim the costs incurred by outsourcing research and development activities to an individual, a group of individuals, or a qualifying body such as:

A charity

A higher education institution

A scientific research organisation

A health service body

The following is a visual example of subcontracted R&D for large companies:

How the Merged Scheme Impacts Subcontracted R&D

Subcontracted R&D under the merged scheme changes the eligibility criteria for both SMEs and large companies. These criteria specify that subcontracting costs will only be eligible for R&D tax credit relief if:

If they undergo independent R&D outside the parameters of their contract

If the contractor didn’t believe R&D to be necessary but the subcontractor does

If the contracting company isn’t based in the UK

If the contractor is a non taxable entity (such as a charity)

In order to determine eligibility for R&D tax credits as a subcontractor under the merged scheme, it’s important to follow these steps:

Identify qualifying activities

Determine qualifying expenditure

Gather necessary documents

Calculate the total expenditure of your claim (use our R&D tax credit calculator)

FAQs

We want to ensure that you have all the relevant information about subcontracted R&D so that you may plan ahead for future research and development projects. So we’ve taken the time to ask our specialists some of your most frequently asked questions, in order to get you all the information you need to maximise your future claims.

What’s the Rate of Subcontracted R&D?

Under both the SME scheme and RDEC, the current rate for subcontracted R&D is 65%, meaning businesses may claim that percentage of costs incurred by outsourced research and development.

The merged scheme upholds the rates of RDEC and the SME scheme, meaning that those claiming subcontracted costs prior to April 1st 2024 will be able to receive up to 65% of the incurred costs.

How Does Ownership of Intellectual Property Impact Subcontracted R&D Tax Credits?

Ownership of intellectual property (IP) is important when it comes to subcontracted R&D, as to be eligible for R&D tax relief under the merged scheme, claimants must either possess the IP or the rights to exploit it. Without ownership or rights, subcontracted R&D costs may not qualify.

How Can I Optimise My Subcontracted R&D Strategy for R&D Tax Credits?

In order to form an optimised R&D strategy that allows you to maximise your R&D claim, we recommend that you follow these steps:

Secure ownership or exploitation rights through legally binding contracts

Carefully select experienced partners

Maintain meticulous documentation

Balance outsourced research and development with outsourced

Stay updated with the latest HMRC legislation

Collaborate with R&D tax credit specialist

How Alexander Clifford Can Help

Our leading team of R&D specialists dedicate themselves to understanding the ins and outs of the R&D tax credits system. Using their expertise, they’ve collaborated with clients in order to compile and submit over 2,400 claims, and they’ve done it with a 100% success rate.

[bookkeepinginworcester]

Bookkeeper in Bromsgrove

Our area of expertise at JRMA is providing entire VAT solutions to Bromsgrove businesses. Our skilled team is versed in the subtleties of VAT legislation, thereby ensuring that your company remains compliant with UK tax laws. We provide personalized VAT services covering tax-efficient scheme advice, VAT returns, and registration. Whether you run a large or a small company, we adapt our VAT solutions to meet your specific needs and keep your tax records in order. VAT in Droitwich

Droitwich record-keeping

Any company's success rests on accurate financial records preserved. JRMA offers professional bookkeeping services in Droitwich that ensure your money is compatible with legal criteria, current, and tidy. Our employees routinely record transactions and create thorough financial accounts. We help with cash flow monitoring, budget control, and audits preparedness. While we manage the documentation, our continuous bookkeeping lets you to focus on growing your business. Bookkeeping in Worcester

Droidwich Salary Services

Although managing payroll might take time and effort, JRMA simplifies the process with our experienced Droitwich payroll solutions. We handle all aspect of payroll, including tax filings, deductions, salary calculations, HMRC rule compliance assurance. Whatever the size of your staff—small or large—our payroll systems are designed to save you time and reduce your risk of errors. By contracting your payroll to us, you ensure accurate and timely payments, therefore helping you to avoid fines and penalties and yet maintain employee satisfaction. Payroll in Redditch

Why would JRMA be desired?

For VAT, bookkeeping, and payroll services in Bromsgrove and Droitwich, JRMA is your dependable partner known for offering first-rate service and exact attention to detail. Our team of professionals is committed to deliver customized and efficient financial services so that your business could expand. Contact us immediately to learn how we could assist you to manage the financial needs of your business.

[crackednailsandsplitends]

How to Prepare Documentation for an External Audit

An external audit examines a company's financial records to ensure accuracy and compliance with applicable laws. Auditors evaluate your financial statements, transactions, and internal processes to verify the integrity of your accounting practices. Preparing well in advance will streamline the audit process and help maintain a strong financial record for your business.

Why Documentation Matters

Documentation is the backbone of any audit. An audit can quickly become complicated without proper paperwork, causing unnecessary delays and stress. The right documents help auditors understand your financial position, assess risks, and make informed conclusions about your business practices.

Following this guide will help ensure you're audit-ready, regardless of whether you're a small business, a medium-sized company, or a large corporation.

Gather Financial Statements and Reports

Compiling your financial statements is the first and most critical step in preparing for an external audit. Auditors will examine your balance, profit and loss, and cash flow statements, which provide a clear picture of your company's financial health.

Checklist for Financial Statements

Balance Sheet

Income Statement (Profit and Loss)

Cash Flow Statement

Statement of Changes in Equity

Having these reports ready and organised will make it easier for auditors to assess your financial standing. Ensure these documents are up-to-date and reflect your company's current financial position.

Organise Invoices and Receipts

Invoices and receipts play a vital role in verifying the transactions that make up your financial statements. Ensure all invoices, both issued and received, are organised chronologically. Receipts for expenses and other transactions should also be easily located and well organised.

Using a digital accounting system to store and organise your invoices and receipts will make this step much easier. For example, if your business uses Manchester accounting services, ensure all relevant documentation is accessible through your accounting platform and everything is categorised correctly.

Payroll and Employee Records

Your payroll records provide evidence of employee payments and any tax-related deductions. Auditors will review these to ensure you comply with employment laws and tax regulations. Ensure all salary slips, tax deduction reports, and employee contracts are well documented.

Key Documents

Payroll Records

Employee Contracts

Tax Deduction Certificates

Benefits and Bonuses Reports

Ensure the records are accurate and match the figures reported in your financial statements. Payroll discrepancies can raise red flags during an audit, so it's essential to double-check for consistency.

Tax Returns and VAT Documentation

Tax documents are often the central focus of an external audit. Auditors will review your company’s tax returns, VAT filings, and related documentation to ensure everything aligns with the law. Have your tax returns ready for review, proof of submission, and any correspondence with HMRC.

Checklist

VAT Returns

Corporation Tax Returns

Proof of Payment for Tax Liabilities

Correspondence with HMRC

These records help verify that your tax filings are accurate and paid on time. If there are any pending issues with the tax authorities, be transparent with your auditors about the situation.

Fixed Assets and Depreciation Records

Another area of interest for auditors is your company’s fixed assets. This includes any property, equipment, or vehicles your business owns. Auditors will want to see records of these assets and how they’ve been depreciated over time.

Key Documents

Asset Purchase Invoices

Depreciation Schedules

Maintenance and Repair Records

Ensure these documents are organised and up-to-date, especially depreciation schedules, as auditors will want to verify that these are recorded correctly.

Review Internal Controls and Processes

Auditors also evaluate internal controls to assess how well your company prevents and detects errors or fraud. Well-documented procedures, such as who is authorised to approve expenses or who manages payroll, will help demonstrate that your internal processes are robust and compliant.

Documents to Include

Internal Control Policies

Approval Processes

Expense and Reimbursement Policies

Risk Management Reports

Clearly defined processes show auditors that you diligently follow the correct protocols, which reflects positively on your business.

Compile Contracts and Agreements

Contracts and agreements with clients, suppliers, and employees are essential for verifying the terms under which you operate. Auditors will review these documents to ensure they align with your financial records.

Include

Supplier Contracts

Client Agreements

Lease Agreements

Loan Agreements

Keep these documents organised and ensure they are consistent with the transactions listed in your financial statements.

Conclusion

Preparing for an external audit may seem overwhelming, but gathering the right documentation in advance can make the process much easier. Start by organising your financial statements, invoices, payroll records, tax returns, asset records, and internal control documents. With everything in place, your auditors will clearly understand your company’s financial health and processes.

The same principles apply to accounting for sole traders. Proper documentation and organisation are essential to ensure compliance with tax laws and regulations, even for smaller businesses.

[ukimmigrationmatters]

How will Labour’s new Renters Rights Bill 2024 affect buy-to-let landlords?

 The Labour Party’s Renters' Rights Bill 2024 is poised to bring significant changes to the UK’s rental market, impacting both tenants and buy-to-let landlords. Understanding these changes is crucial for landlords to navigate the evolving landscape effectively.

 Watch video version - https://youtu.be/Wx1HXgVW1bM

 Key Changes Proposed in the Renters' Rights Bill 2024

 1. Enhanced Security for Tenants

The bill aims to provide tenants with greater security by abolishing Section 21 “no-fault” evictions. This means landlords will no longer be able to evict tenants without a valid reason, making it more challenging to regain possession of their properties.

 2. Rent Controls

One of the most contentious aspects of the bill is the introduction of rent controls. The government plans to cap rent increases, tying them to inflation or another measure. This change is intended to prevent excessive rent hikes but may limit the profitability for landlords.

 3. Mandatory Property Standards

The bill also proposes stricter property standards, requiring landlords to ensure their properties meet higher quality benchmarks. This includes ensuring proper insulation, energy efficiency, and overall habitability. Non-compliance could result in hefty fines or penalties.

 4. Longer Tenancy Agreements

Labour advocates for the standardization of longer tenancy agreements, such as three-year contracts, to provide tenants with more stability. While this benefits tenants, landlords may find it challenging to adapt to longer commitments.

 Impact on Buy-to-Let Landlords

 1. Financial Implications

The introduction of rent controls could impact landlords’ rental income, especially in high-demand areas where they previously enjoyed significant annual increases. Landlords must re-evaluate their financial projections and strategies to maintain profitability.

 2. Increased Regulatory Compliance

With stricter property standards, landlords will need to invest in property upgrades to meet the new requirements. This could involve substantial upfront costs but may also enhance property value and appeal in the long term.

 3.Changes in Investment Strategies

The bill may lead to a shift in investment strategies among buy-to-let landlords. Some might seek to diversify their portfolios or explore other property markets with less stringent regulations. Others might exit the rental market altogether if the perceived risks outweigh the benefits.

 4. Impact on Property Supply

As landlords adjust to these changes, there could be a temporary reduction in the supply of rental properties. Some landlords might sell their properties, leading to a more competitive market for remaining rental units.

 In conclusion, the Labour Party’s Renters' Rights Bill 2024 is set to bring comprehensive reforms to the rental market. While these changes aim to protect tenants and ensure fair practices, buy-to-let landlords will need to adapt to new regulations and potentially alter their investment strategies. Staying informed and proactive will be key for landlords to navigate this evolving landscape successfully.

 Section 24 Landlord Tax Hike

Interview with Chartered Accountant and property tax specialist who reveals options and solutions to move your properties from your own name into a limited company or LLP whilst mitigating the potential HMRC pitfalls.

Email charles@charleskelly.net for a free consultation on how to deal with Section 24.

Watch video now: https://youtu.be/aMuGs_ek17s

#finance #moneytraining #moneymanagement #wealth #money #marketing #sales #debt #leverage #property #investment #Homeownership #financialplanning #moneymanagement #financialfreedom #section24tax #financialindependenceretireearly #RentersRightsBill #BuyToLet #LandlordLife #UKPropertyMarket #TenantsRights #RentalProperty #PropertyInvestment #LandlordChallenges #RentControl #PropertyStandards

[georgeshutcheson]

Cryptocurrency Capital Gains Tax UK

New Post has been published on https://www.fastaccountant.co.uk/cryptocurrency-capital-gains-tax-uk/

Cryptocurrency Capital Gains Tax UK

Have you recently ventured into the world of cryptocurrency and are now wondering about cryptocurrency capital gains tax? Well, you’ve come to the right place! Navigating the world of cryptocurrency capital gains tax can be daunting, but understanding your obligations is crucial. If you’re considering selling or giving away your cryptoassets, it’s important to check if you need to pay Capital Gains Tax. This guide  provides clear instructions on when and how to calculate your gains, what records you need to keep, and the allowable costs you can deduct. Whether you’re exchanging tokens, using them for purchases, or giving them as gifts, this article helps you comprehend the tax implications and ensure you’re compliant with UK tax laws.

Check if You Need to Pay Tax When You Dispose of Cryptoassets

When to Check if you Need To Pay Cryptocurrency Capital Gains Tax UK

Understanding when to check if you need to pay tax is crucial. The UK’s HMRC has specific guidelines about when you’ll need to pay Capital Gains Tax (CGT) on your cryptoassets. You should consider the following scenarios:

Selling your tokens: Whether you’re selling Bitcoin, Ethereum, or any other type of cryptoasset, selling them might trigger a tax liability.

Exchanging tokens: Moving from one type of cryptoasset to another, such as trading Bitcoin for Ethereum, can be taxed.

Using tokens for transactions: If you use your crypto to pay for goods or services, this could count as a taxable event.

Gifting tokens: Giving away your tokens to another person is taxable unless it’s a gift to your spouse or civil partner.

Donating tokens: Even if you’re donating crypto to a charity, you might need to pay tax on the donation.

In other words, almost any transaction involving cryptoassets could require you to check the tax implications. Better safe than sorry!

Work Out if You Need to Pay cryptocurrency capital gains tax

You may be free from tax anxiety, but you need to check! To determine if you owe Cryptocurrency Capital Gains Tax, follow these steps:

Calculate Your Gain: The primary way to calculate your gain is by finding the difference between what you paid for an asset and the price you sold it for.

Different Rules for Quick Sales: If you sell tokens within 30 days of acquiring them, the rules differ. You’ll need to calculate your gain using the specific rules for cryptoassets sold within this period.

Taking Market Value into Account: If the asset was free, use the market value when you got it to determine your gain.

Income Tax Considerations: If you’ve already paid Income Tax on the value of the tokens received, you won’t need to pay CGT on that portion. However, you’ll still owe CGT on the profits made after you got them.

Allowable Costs: Certain costs can reduce your taxable gain, such as transaction fees or advertising costs.

You may also offset gains with capital losses. Remember, keeping diligent records is key here.

What Counts as an Allowable Cost

Being meticulous about allowable costs can save you considerable tax. Here’s a rundown of what you can and cannot deduct:

Deductible Costs:

Transaction fees: Any fees paid to process the transaction on the blockchain can be deducted.

Advertising: Costs involved in finding a buyer or seller.

Contract Fees: Any costs related to drafting a contract for the transaction.

Valuation Expenses: Costs incurred to ascertain the value for the transaction.

Non-Deductible Costs:

Income Tax Costs: If you’ve already deducted these against Income Tax.

Pool the Cost of Your Tokens

Pooling helps in organizing and calculating the cost of your tokens more efficiently. Here’s how you can do it:

Create Pools: Each type of token you own should be grouped into its own pool.

Calculate Pooled Cost: The pooled cost will be the sum of the amount you paid for each token type.

Adjust Pool for Transactions: When you buy more tokens, add their cost to the pool. When you sell, deduct a proportionate share from the pool.

Special Pooling Rules:

Hard Forks: If there has been a hard fork, the cost pooling rules change slightly.

Recent Purchases: If you buy tokens on the same day you sell similar tokens, or within 30 days, different rules apply.

How to Report and Pay

Once you’ve figured out that you owe CGT, reporting and paying it is the next important step. There are two ways you can do this:

Self-Assessment Tax Return: You can file this at the end of the tax year.

Real-Time CGT Service: If you want to deal with it immediately, you can use the Capital Gains Tax real-time service.

Key Points:

Non-Residents: The tax amount may vary if you’re not a resident in the UK.

Currency Requirements: All transactions must be reported in pound sterling.

Records You Must Keep

Keeping accurate records is not just good practice; it keeps you on the right side of the law. The following records are essential:

Type of Tokens: Keep track of the nature of tokens involved in each transaction.

Dates: Record the specific dates when you disposed of tokens.

Quantity: Document the number of tokens disposed of and the number left.

Value in Pound Sterling: Every transaction’s value should be converted and recorded in pound sterling.

Financial Records: Bank statements and wallet addresses should be maintained.

Pooled Costs: Ongoing records of your pooled costs, both before and after transactions.

HMRC may ask to see these records during a compliance check, so it’s prudent to be thorough.

Conclusion

So, there you have it—a comprehensive guide to understanding if you need to pay cryptocurrency capital gains tax UK when you dispose of your cryptoassets. Navigating the taxation landscape of cryptocurrencies might seem daunting at first, but breaking it down into smaller, manageable steps can make the process more transparent and less stressful.

Remember, being proactive about your tax obligations can save you a lot of trouble down the road. Whether you’re day trading or holding onto your investments for the long term, understanding these guidelines will help you stay compliant and potentially save on taxes.

Stay informed, keep meticulous records, and don’t hesitate to consult experts if you’re unsure about any part of the process. Happy trading!

[il-advisory]

5 Reasons Why Your Business Needs a Rock-Solid Contract in Place

The Foundation of Success

The Perils of Inadequate Contracts

In business, a handshake isn’t enough to secure your interests. The story of Ray Kroc and McDonald’s in “The Founder” is a stark reminder of this truth. Without a robust contract, businesses are vulnerable to a slew of risks. Inadequate contracts can result in disputes, with parties having different understandings of their obligations. Such discord often leads to costly litigation, draining resources that could be better invested in growth.

Learning from “The Founder”

The tale of “The Founder” serves as a cautionary lesson for businesses. Ray Kroc’s initial contract with the McDonald’s brothers was limiting, to say the least, hindering his potential earnings. It’s a vivid example of how a poorly structured contract can significantly impact business success. Kroc’s later decision to renegotiate and form a new company underpinned by a stronger contractual framework was a strategic move that ultimately led to his financial triumph.

Safeguarding Your Business

The Power of Bespoke Agreements

Tailored contracts are not just legal formalities; they are powerful tools that protect your business’s unique interests. Bespoke agreements ensure that every aspect of your business dealings is covered, reducing the chances of misunderstandings and disputes. A generic contract may seem convenient, but it often overlooks specific scenarios your business may face. Bespoke contracts account for the nuances of your operations, client relationships, and industry regulations.

Preventing Disputes Proactively

Proactive dispute prevention is one of the most significant advantages of having a well-crafted contract. Clear terms and conditions act as a deterrent to conflicts by setting out explicit expectations for all parties involved. This clarity reduces the potential for misinterpretation and disagreement. When both sides understand their responsibilities, compliance is more likely, and any deviations can be quickly identified and addressed.

Furthermore, a contract provides a framework for resolving disputes should they arise. It outlines the processes for mediation or arbitration, thereby offering a roadmap to resolution without necessarily having to resort to litigation. This can save your business valuable time and money. In essence, a solid contract doesn’t just protect you after things have gone wrong; it’s a strategic tool that helps prevent issues from occurring in the first place, ensuring smoother business operations.

Click here for a link to a Youtube Short that discusses The Founder.

This episode is proudly sponsored by I&L Advisory, specialist in providing advice and assistance with:|

Setting Aside Statutory Demands Bounceback Loan Advice How to Prepare for Official Receiver Examination Help with Time To Pay Arrangement with HMRC Director Disqualification Help

[christinamac1]

MPs flag UK's HM Revenue & Custom’s £1.4bn active contracts with Fujitsu

accounting WEB, by Tom Herbert, 10 Feb 24 A committee of MPs has published new data showing that HMRC holds eight active contracts with Fujitsu with a combined value of £1.4bn, all of which were awarded after a High Court verdict that ruled the developer’s software was responsible for misreported losses during the Post Office scandal. Data from the Treasury Committee shows public organisations…

[alexander-clifford]

R&D Tax Credits for Engineering Firms in 2024

Engineering is a sector driven by innovation, and if your research is based in the UK, you could benefit from R&D tax credits. This guide will explain the importance of these credits, their benefits for engineering companies, and how to get expert help with your R&D claims.

Understanding R&D Tax Credits

R&D tax credits are government-funded incentives designed to support companies engaging in research and development. These credits enable engineering firms to tackle industry challenges without the burden of substantial financial risk.

Definition and Purpose

Introduced in 2000, R&D tax credits were designed to encourage UK companies to invest in innovative projects, thereby establishing the UK as a leader in scientific and technological advancements. These credits reimburse a portion of R&D expenses, such as:

PAYE staff costs

R&D-related travel costs

Materials and consumables

R&D-related software

Subcontractor costs

Utility bills

Benefits for Engineering Firms

R&D tax credits alleviate the financial burden of research and development, allowing firms to undertake ambitious projects with reduced risk. This support helps companies remain competitive on a global scale and provides essential assistance to those experiencing financial challenges. These incentives are crucial for the growth and sustainability of the engineering sector, promoting economic and industrial progress throughout the UK.

HMRC Eligibility Guidelines

HMRC defines eligible R&D projects as those aiming to achieve scientific or technological advancements that cannot be easily resolved by experts in the field. Only companies liable for UK corporation tax can claim these credits, including SMEs and large enterprises, while sub-contractors are generally excluded.

Eligibility Criteria for Engineering Projects

Engineering projects must address uncertainties using science and technology and align with the company’s expertise. Examples of qualifying activities include:

Developing new manufacturing processes

Designing advanced robotic systems

Creating innovative materials

Developing renewable energy solutions

Required Documentation

Successful R&D claims need comprehensive documentation, including:

Project descriptions

Technical reports

Financial records

Supporting documentation

Tax computations

Common Misunderstandings About R&D Tax Credits

There are several misconceptions about R&D tax credits in engineering:

Routine engineering doesn’t qualify: Projects aimed at resolving technical or scientific uncertainties can still qualify.

R&D projects must be successful: Projects that aim for advancements can qualify even if they fail.

Only product development counts: Process improvements, software development, and technical problem-solving also qualify.

Case Studies

Battery Manufacturing: Developing safe, affordable energy storage solutions to replace lead-acid batteries.

Inventory Management Software: Creating a platform for smart contracts in e-commerce and retail.

Alexander Clifford’s No Win, No Fee Model

Alexander Clifford offers a “no win, no fee” service, ensuring no financial risk for companies seeking R&D claims.

FAQs

Processing Time: HMRC typically processes claims in about 4-6 weeks.

Eligibility for Small Firms: Small firms can claim if their projects meet HMRC's R&D criteria.

Taxability: R&D tax credits are non-taxable.

Frequency of Claims: Multi-year projects can be claimed annually.

Alexander Clifford's Support: They streamline the claims process, handling documentation and liaising with HMRC.

For more information, visit R&D Tax Credits.

By leveraging R&D tax credits, your engineering firm can innovate without significant financial strain, enhancing your position in the global market. If your firm has engaged in R&D projects, contact Alexander Clifford to learn how they can assist with your claim.

[calacuspr]

Calacus Monthly Hit & Miss – Sell Before We Dai & Red Bull Racing

Every month we look at the best and worst communicators in the sports world from the last few weeks.

HIT - SELL BEFORE WE DAI

Languishing towards the bottom of the Sky Bet League One table, Reading FC are a club in turmoil.

Having been in the Premier League as recently as 2012, it is the Royals’ problems off the pitch are causing greater concern. 

Owner Dai Yongge, whose takeover was announced on the night of Reading’s triumphant Championship play-off semi-final in May 2017, has been told by the English Football League (EFL) that he must “fund the club adequately” or “make immediate arrangements to sell.”

During his reign, the club has been relegated to the third tier of English football for the first time in 22 years; staff have not been paid; they have been deducted a total of 18 points; and given a five- year transfer embargo due to financial issues. Yongge’s tenure has also seen extreme cost-cutting, including redundancies and the CEO selling their most valuable player assets behind the back of their manager.

Yongge had previously failed in his bid to take over Hull City in September 2017 after reportedly not meeting the Football Association's fit and proper persons test. The Premier League were also said to be concerned about the takeover at the time.

At first he did make significant investment into the club, twice breaking the club’s transfer record. He also turned down large sums of money for their star players and tied them down to new contracts, funding the club through the COVID-19 pandemic.

Despite this, the result was only one top-half Championship finish and the EFL’s Profit and Sustainability regulations charged the club in 2021/22 with breaches due to the increased salary spending, leading to a six-point deduction.

Towards the end of 2022, further scandal followed when staff were not paid on time for November and December. With the club failing to stick to the business plan imposed by the EFL that stipulated maximum loses, they were deducted a further six-points in April of that year and would ultimately be relegated from the second tier.

Another tumultuous summer ensued and July saw the club hit with a winding-up order by HMRC for non-payment of tax. Pre-season preparation was hardly ideal given the club was without a manager or enough players to field a team, late into the summer.

The club have been deducted a total of six points so far this season, with another two point-deduction (with a further two points suspended) handed out in February after the club failed to meet HMRC payment obligations, in accordance with EFL Regulations.

By late 2021, the club’s annual £32mn wage bill was more than double total revenue and Reading have been barred from buying new players almost ever since with £220mn net debt being the biggest in English football outside the Premier League.

During this turbulent period, Yongge undertook little to no media interviews or fans’ forums where he could explain his strategy or plans to raise new funding or sell the club.

It defies belief that Yongge is financially struggling given that The Daily Mail recently revealed that he has purchased a multi-million pound mansion by Buckingham Palace.

This silence gives the impression that he has lost interest in the club and appears content to see it collapse, ignoring the importance of the Royals to its community of fans and stakeholders.

One of the oldest clubs in the Football League and rich with history, the fans have not taken the problems lightly.

Their continued campaigning against the regime, keeping the issue in the public eye, while increasing the pressure on the EFL and Yongge, has provoked widespread sympathy and support from clubs and fans from far and wide.

They have mobilised and ensured consistent communication and messaging through the Sell Before We Dai group.  Since they were set up in June 2023 they have gained a significant social media following, secured vital regular media coverage and organised various high-profile protests in a dignified and progressive manner.

They describe themselves as ‘a fan-led pressure group pushing to encourage Reading FC owner Dai Yongge to sell up to a new owner before more damage is done to the club we know and love’ with a clear objective to ‘secure a sustainable future for Reading FC.’

The group has received support from a coalition of MPs, including former Prime Minister, Theresa May, and James Sutherland, who recently said: “As a fan what’s happening here is devastating. It’s clear that we need to better protect football from rogue owners — and if you want the perfect test case this it, right here.”

They also were instrumental in the council’s decision to list the stadium as an asset of community value, symbolising its importance. That means the local community will be informed if the venue is listed for sale within the five year listing period. The community can then enact the Community Right to Bid, which gives them a moratorium period of six months to determine if they can raise the finance to purchase the asset.

Tennis-ball disruption in the 16th minute of home games (marking the number of points deducted under Dai’s ownership) started at the Bolton Wanderers game and has largely continued since.

The most dramatic protest saw Reading’s League One match against Port Vale in January abandoned, when tennis balls were again thrown, before around 1,000 home fans invaded the pitch to protest against the ownership.

Sell Before We Dai urged no more invasions and said in a statement: “We should always be prepared to be bold with our actions. That was made clear on 13th January. Fed up of being lied to and seeing their club slowly die, fans felt they were left with no other option than to run on to the pitch and force the game to be abandoned.

“That action was a desperate attempt to bring attention of our plight to the nation, and to pressure Dai Yongge to do the right thing and stop delaying the sale of the club.

“We also need to come together as a football community and consider our next actions very carefully.

“We do not want to throw away all we’ve achieved over the past week. We received overwhelming backing from across the football community and media for our actions. We may lose that support if there is another pitch invasion in the short term.

“We also do not want to give anyone at Reading FC an excuse to put the blame on us for what is ultimately the fault of one man and his associates who have left us with a shell of a club.

“As we say, no action is off the table, at least in the long term. Fans have shown that they will do whatever it takes to force this regime out of our club. But right now is not the time to get the match abandoned again.”

Sell Before We Dai have not only met with the EFL, local politicians, fan-led review chair Tracy Crouch as well as elusive Royals CEO Dayong Pang.

They helped fund a truck bearing Yongge’s face to drive outside the House of Commons leading calls for the independent football regulator and another ahead of England’s match against Belgium in late March.

That same month, a club statement confirmed that Yongge was in talks with Wycombe Wanderers Football Club regarding the sale of Bearwood Park — Reading’s state-of-the-art training facility that only opened in 2019, sparking further outrage.

Sell Before We Dai organised a protest outside Wycombe's Adams Park stadium on Friday evening and said: "Selling one of the club's key assets makes the club even less attractive to a new owner".

Wycombe quickly made a statement confirming that the plans were on hold: "Wycombe Wanderers Football Club are putting on hold provision for funding to Reading Football Club and the acquisition of the Bearwood Park training facility from its owners.

"Importantly, it was agreed that while the details were being finalised and due diligence carried out, Feliciana would provide sufficient financing to Reading to allow it to pay its tax obligations and operating expenses, including payroll for the staff and players.

"It was Wycombe and Feliciana’s belief that they were helping Reading and professional football with the offer to assist its neighbour in a manner that had historically been used in the past by many football clubs. Indeed, Wycombe’s own training ground had been sold over a decade ago to reduce operating expenses and fund the club when the club had its own financial issues.”

Speaking to BBC Radio Berkshire, former chairman, Sir John Madejski, said: “I’m always an optimistic person and I think things will ratify in the near future and the club will be sold.

“If, as I think there are some very wealthy owners lining up, about three of them as I understand it, they’ve got incredibly deep pockets and if they can keep the training ground that would be wonderful because it’s state of the art.

“If there are any business people out there listening , I think reading could be a tremendous opportunity for somebody out there with deep pockets, I really do.”

Hopefully, Sir John is correct and The Royal’s supporters will soon have reason for optimism. They have shown what can be achieved by holding power to account, and refusing to let injustice slide.

It says so much for the club’s troubled finances that a fundraiser was set up by fans to support Reading staff who have not been paid while the Tilehurst End blog assessed what has gone wrong for the Royals and wrote: “This is now a club fighting to stay in League One, let alone get back into the Championship, following a chaotic pre-season and yet more points deductions.

“This is now a club with an owner who struggles to pay his own staff and the tax man, is in constant trouble with the authorities, and has been the subject of open revolt from fans who’ve had enough and are desperate to force him out. This is now a club that sent redundancy letters to 17-20 staff members right before Christmas.

“It all goes back to one man: Dai Yongge. He’s been the agent of destruction in Reading’s 2023, through both callousness and incompetence, leaving everyone else to suffer the consequences of his actions. Managers, staff members, players and fans - he’s mistreated, angered, undermined and disrespected them all. 2023 is the year Reading Football Club paid the price.”

In late March, there were positive developments when the club announced that they had “committed to a letter of intent with a potential purchaser of Reading Football Club. The parties will now enter a period of exclusive negotiation.”

According to the Telegraph, “It has now emerged that the mystery consortium from North America are the preferred bidders, appearing to have secured a deal ahead of hedge fund company Genevra Associates.

The party are understood to have advanced funds ahead of approval by the Football League to enable Reading to pay their liabilities and avoid another points deduction.”

Understandably, Sell Before We Dai were not getting carried away, especially without the identity of the bidder being made public and said: ““We implore the potential buyer to reach out to STAR and the wider fanbase as soon as possible to provide some reassurances.

“We also need to stress that ‘exclusivity’ does not mean ‘done deal’ and as outlined in the statement, there is still some way to go before we can truly celebrate the end of the Dai regime.

“This may be the beginning of the end, but it is still just the beginning. However, though we are preaching caution, there is clear reason to be optimistic.”

What happens next remains to be seen, but the dignified and determined actions of the fans at least give some hope that Yongge will sell and the club will rise once again.

MISS – RED BULL RACING

The controversial first title win for Max Verstappen at the 2021 Abu Dhabi Grand Prix was a watershed moment for Formula One.

With Lewis Hamilton seemingly on his way to a record eighth Drivers’ Championship, the safety car was deployed after Nicholas Latifi crashed five laps from the end.

Amid a muddling of the official rules, that gave Max Verstappen the opportunity to overtake Hamilton on the final lap and earn his first world title, signalling a change in dominance from Hamilton’s Mercedes AMG team to Verstappen’s Red Bull Racing.

Formula One competition has been rather dull since then, with Mercedes struggling to adapt to new regulations and Red Bull Racing dominating.

After winning the Bahrain Grand Prix at the start of the current season, Verstappen’s fourth Drivers’ Championship appears to be a procession, with little of the jeopardy such a high-profile sporting competition deserves.

By the time he triumphed at the Saudi Arabian Grand Prix a few weeks later, Verstappen had won nine races in a row, and his 29th out of the past 34 races since mid-2022.

Literally and figuratively, Red Bull is a well-oiled machine, with the company thriving on the track and tightly controlling what information is released into the public domain.

That approach has been threatened since early February, when news broke that Red Bull was undertaking an internal investigation into allegations of ‘inappropriate, controlling behaviour’ by Team Principal Christian Horner.

"After being made aware of certain recent allegations, the company launched an independent investigation," Red Bull said in a statement.

"This process, which is already under way, is being carried out by an external specialist barrister. The company takes these matters extremely seriously and the investigation will be completed as soon as practically possible. It would not be appropriate to comment further at this time."

Horner is something of a pantomime villain in Formula One, unafraid to push technical boundaries and happy to clash with his rivals in search of success.

While acknowledging that an investigation was going on, Red Bull failed to follow a basic rule of crisis communications – do not leave a big information void that can lead to speculation and make the situation worse.

It took two weeks for Formula One and governing body the FIA to make statements, which said little other than that they would be monitoring developments, while Ford, who will become Red Bull’s engine partner in 2026, were more assertive in their demands for a prompt resolution.

In a letter to the Red Bull team, CEO Jim Farley expressed his displeasure with “the unresolved allegations of inappropriate behaviour by Red Bull Racing leadership.”

He said: “As we have indicated previously, without satisfactory response, Ford’s values are non-negotiable. It is imperative that our racing partners share and demonstrate a genuine commitment to those same values. My team and I are available at any time to discuss this matter. We remain insistent on, and hopeful, for a resolution we can all stand behind.”

On the eve of the new F1 season, Red Bull's investigation dismissed the case against Horner and said in a statement: “The independent investigation into the allegations made against Mr Horner is complete, and Red Bull can confirm that the grievance has been dismissed.

“The complainant has a right of appeal. Red Bull is confident that the investigation has been fair, rigorous and impartial. The investigation report is confidential and contains the private information of the parties and third parties who assisted in the investigation, and therefore we will not be commenting further out of respect for all concerned. Red Bull will continue striving to meet the highest workplace standards."

Strangely, no details of the inquiry were made public. While it was to be expected that the complainant and incident specifics remained anonymous, no information about the process, the legal team who undertook the investigation, nor Horner’s defence and the investigation’s conclusions were forthcoming.

Not even the identity of the lawyer who undertook the investigation was made public, let alone the scope of the undertaking or whether it made any recommendations.

For such a high-profile case to lack transparency inevitably gave rise to accusations of a whitewash aimed at moving on as swiftly as possible, when all the pithy statements did were raise more questions than were answered.

If Red Bull thought that the new Formula One season would see the investigation forgotten about as fans and media moved on, they were very much mistaken.

After the investigation, an anonymous whistleblower leaked a file of unverified emails, images and messages, purported to be from Horner to a female third party, to a wide range of media, Formula One, the FIA, and the sport’s nine other team leaders.

Horner, having previously refused to comment beyond protesting his innocence and confidence that the investigation would confirm as much, went on the offensive.

He said: “The only reason this has gained so much attention is because of the leakage and the attention that there has been drawn in the media. What has happened then after that is that others have looked to take advantage of it. F1 is a competitive business and elements have looked to benefit from it and that is perhaps the not so pretty side of out industry.”

Could Horner expect his rivals to remain silent, when he as previously been so forthright about other issues that have arisen? And do other team principals such as Mercedes’ Toto Wolff and the McLaren CEO Zak Brown not have a right to comment, particularly given that the tawdry episode has dragged their sport into the gutter?

No wonder that they have urged more transparency, while Formula One and the FIA have requested to see the findings of the investigation.

What the crisis also exposed was the fractious divisions within Red Bull which threaten to hinder its dominance just when it looked as if an era of supremacy was inevitable.

Red Bull founder Dietrich Mateschitz, who died last year, left his 49% share to his family, while Thai pharmacist Chaleo Yoovidhya owns a controlling 51%, with Horner’s future very much a point of conflict between them.

Yoovidhya, who some suggested has been trying to extend his powerbase by removing those he does not consider his allies, backs Horner, no doubt convinced by the Englishman’s track record of building a dominant race team that he has led since 2005, while Mateschitz’s family are said to want him out.

Matters took another turn when Red Bull’s long-term special adviser Helmut Marko, known for his indiscretion towards media and other Formula One stakeholders, came under the spotlight with initial reports suggesting he may be suspended.

That triggered emphatic vocal support from ally Max Verstappen, who warned that his future was closely linked with that of Marko.

After qualifying, Verstappen was asked what he thought about the threats to Marko and responded: "My loyalty to [Marko] is very big. It's very important that he stays within the team. If such an important pillar falls away, that's not good for my situation as well. So, for me, Helmut has to stay, for sure.”

Not only was that a clear threat to the Red Bull senior leadership, it was also in stark contrast to Verstappen's carefully worded answer when asked about Horner’s position.

Whether he was speaking as a proxy for his son or not, Jos Verstappen then made it clear that he saw Horner’s position as untenable.

Verstappen Snr made it clear that Horner has to go, that the Horner controversy was "driving people apart" and that the team would "explode" if their principal remained.

“I sympathise with the woman, with all that she went through, but we will see what happens.

“In the press conference Horner gave the other day it was all about him and his problems when we should be talking about Max, the car, his performance and the race. I've already said I think it is causing problems if he stays.

"There is tension here while he remains in position. The team is in danger of being torn apart. It can't go on the way it is. It will explode. He is playing the victim, when he is the one causing the problems.

"I think it's too late for Christian to say 'leave me alone' but he has the support of the Thai owner so I think he will stay for the rest of the season. I said it would bad if he stayed, it really isn't good for the team, this whole situation.

“But the most important thing for me is that Max is happy. That's what counts for me. I just want him to be happy.”

It can’t have helped Red Bull fans that Verstappen was linked with a move to Mercedes amid the in-fighting within the team, with Horner admitting that they could not force an unhappy driver to remain regardless of a long contract.

To make matters worse for Red Bull, they chose International Women’s Day to suspend the woman at the centre of the controversy, with the team again offering no detail for the grounds of her suspension.

Could there be a more effective way to remind women in motor sport that they need to stay in their lane?

Unsurprisingly, the accuser then lodged an official complaint about Horner’s behaviour with the FIA’s ethics committee, which the BBC reported was not the first complaint made to the governing body amid concerns that Red Bull might try to cover the story up.

It was left to Hamilton, who has urged more diversity and better governance within the sport, to underline the problems the Horner crisis has caused.

He said: “As someone who loves the sport it's definitely disappointing to see what's going on right now. I think transparency is really key and I'm really, really hoping to see some progress moving forwards.

“We always have to do more to try to make the sport and the environment people work in feel safe and inclusive. It will be really interesting to see how it’s dealt with in terms of the effect it may or may not have on the sport moving forwards. It’s a really important moment for the sport to make sure that we stand true to our values.”

Ahead of the Australian Grand Prix, Max Verstappen tried to play down the controversy, backing Red Bull’s investigation process, while lamenting the lack of focus on the team’s on-track success and focus.

The information vacuum, coupled with a lack of leadership from the sport’s governance serves as a stark reminder of the fragility of reputation in top-level sport and Red Bull’s apparent lack of preparation for an internal issue when it has previously been readied for external issues combat.

The lack of transparency and suspension of the complainant reflect badly on the values Red Bull want to transmit.

The somewhat tone-deaf investigation and communications strategy has raised questions about the team's integrity and damaged Red Bull's reputation with its partners and fans which extends way beyond motorsport.

[lexlawuk]

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[northeastjobs]

Policy Adviser – HMRC Strategic Spending

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