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.
A change to the way contractors in the supply chain will account for VAT comes into effect on 1 October 2019. These new rules represent a significant change as they will remove the current requirement for VAT to be charged on sales invoices from one contractor to another.
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.
E-mail interception is becoming an ever-growing problem in the world of cyber fraud.
We usually hear about this occurring in the conveyancing industry given the large value of transactions, affecting home buyers/sellers and solicitors, however we are now seeing this type of fraud regularly across all industry types for transactions of varying sizes.
You can put in place a tax efficient life insurance policy, set up by your business, which pays out a tax free lump sum on your death (or diagnosis of a terminal illness). These proceeds will be paid to your family or financial dependants.
For those involved in running businesses in the property industry, there are various accounting regulations which need to be followed, covering a number of different areas of accounting, but having a good record keeping system will be a huge step towards ensuring you are compliant with those regulations.