If the answer is “yes” each time you see your tax code taking large amounts of PAYE for the company car that you drive, redemption may not be far away. It may however require a change in thinking and behaviour, which is exactly what is intended by the changes in the company car tax regime being introduced in April 2020.
The Office of Tax Simplification has published the second of its reports on the proposed reform of Inheritance Tax (IHT). It includes some sensible suggestions and will have significant impact for business owners and farms, says Karen Sadler.
The BBC’s Dragons’ Den is now in its 16th season with the highs and lows of building, running or expanding a business remaining compelling viewing. It entertains and can be excruciating in equal measure, particularly when the Dragons roll their eyes following a wildly optimistic valuation of the hopeful’s business. So why is it so difficult to value a business? Partner Tom Wacher highlights some of the more common mistakes.
For many small businesses it is a perennial issue. Where can you place your cash reserves to keep the funds accessible in the short term, yet receive a rate of interest that may offset the negative effects of inflation?
If the ongoing Brexit saga is leading you to defer investment of surplus cash into your business in the short term, a safe yet more productive home for your cash may be needed more than ever.
Could the emergence of Cash Management Services and Cash Savings Platforms be the answer to this problem?
If the UK leaves the EU without a deal, UK businesses that import or export goods will need to apply the same procedures to EU trade that apply when trading with the rest of the world.
Under the current system, goods imported into the EU are only released from Customs if a full import declaration is made and any duty paid in full at the time of import.
There is a risk that, if you do not have the appropriate systems set up, there will be delays in delivery times and possible additional cost. You may therefore be behind the competition. If we leave without a deal these changes take effect from when we leave. If this is 31 October, as widely predicted, there is not much time left to make sure that you are prepared.
Running your own business can be great fun, extremely rewarding and fulfilling. When times are challenging, it can also consume all your waking hours, be intensely frustrating and impact on all those around you.