Businesses

Benefit in Kind – Electric cars and claiming home charging tax relief

Businesses, Personal Tax, Tax l

The company provides some employees with Company cars that are hybrids. The employees are also provided with fuel cards that are available for their private use and receive a fuel Benefit in Kind in relation to the car. However, the cars are plugged in and charged at home can the employer offset this cost against the fuel Benefit in Kind?…

Company Cars

Businesses l

Despite year-on-year tax rises, company cars remain a popular benefit. While the tax cost of expensive high-emission cars can be eye-watering, by choosing carefully it’s possible to enjoy the convenience that comes with a company car for a relatively low tax cost. So, as the new tax year gathers steam, what’s changed for 2018/19?

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Clipping the wings of phoenix companies

Accounting, Businesses, Law l

Companies can fail for several reasons and, for the most part, these aren’t the result of wrongdoing by the directors. For this reason, it’s perfectly legal to start a new company after an old one has become insolvent.

However, there are a number of rules that surround carrying on a similar business through a new company after the original company has gone into insolvency.

Known as ‘phoenixing’, this practice transfers the business, but not the debts, of the insolvent company to a new company.

But what is the problem with phoenixing, and what does the law say about it?

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Tax and employee benefits

Businesses, Personal Tax, Tax/VAT Cases l

Most employers choose to recognise the ongoing commitment made by their members of staff by providing various benefits and rewards.

Whether that’s in the form of the Christmas party or it extends to benefits such as a cash bonus or flextime, it all helps to ensure employees feel valued and motivated.

82% of workers feel motivated after receiving some form of recognition from their employers, according to research by the Rewards and Employee Benefits Association.

While that’s all good and well when it comes to looking after your staff, you also need to consider the tax implications of offering attractive employee benefits.

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Business Finance

Businesses, Growth l

Raising finance is a crucial but challenging aspect of running a successful business, whether you’re launching a start-up or looking to expand your operations.

You can have the best product in the world, a solid business plan and a comprehensive marketing strategy, but if you can’t access the necessary inance success will be much harder to achieve.

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Research & Development Tax Credits

Accounting, Businesses, Corporation Tax l

R&D tax relief currently provides an enhanced deduction of 230% of qualifying R&D revenue costs. This is made up of:

  • 100% of the costs which would normally be deducted without R&D tax relief; and
    130% of those tax deductible costs.

This means that for every £100 of qualifying R&D costs, £230 is deducted from the company’s pro ts, or added to the company’s trading losses for tax purposes.

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Selling goods and services overseas for beginners.

Businesses l

Depending on your sector and your export destinations, deciding to sell products and services abroad can increase your expenditure, consume your time, and introduce new regulatory and administrative complexities.

Additionally, the decision taken by the British people to leave the EU has caused uncertainty for UK businesses trading in EU member states. It is understandable why an aspiring exporter might be slightly hesitant about committing to expand overseas.