Businesses

Starting a business

Businesses l

Britain is a nation of fearless entrepreneurs, but the likes of Richard Branson and James Dyson didn’t go from rags to riches instantly.

Branson needed a £300 loan to get his magazine up and running after dropping out of school at the age of 16, while Dyson produced 5,167 prototypes before inventing his vacuumless dust-buster.

Using pension funds in your business

Businesses, Pensions l

As traditional loans fall out of favour with increasing numbers of business owners, you may be looking for an alternative route for financing – and your pension could be the answer.

Data from the British Business Bank shows that in 2017 the number of small businesses seeking traditional bank loans reached a record low of only 1.7%.

Read the full article here.

Capital Allowances for Plant and Machinery

Businesses, Investments l

If there’s one thing that keeps us awake at night it’s the thought of how many British businesses are failing to claim capital allowances to which they are entitled – worth billions of pounds across the board, according to some estimates.

Capital allowances provide the mechanism for tax relief on certain types of capital expenditure (the purchase of assets such as office furniture, or equipment) essentially providing a deduction against profits.

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.