A large number of firms provide corporate vehicles to their employees, partly because their jobs need them to travel on a regular basis. However, the tax climate surrounding company cars has evolved over time. This makes the idea less appealing to both the employer and the employee, so we explore the tax implications of company cars and if electric cars are a better deal than their petrol or diesel counterparts. How does HMRC view company cars? The answer to this…

First, decide if establishing a business is right for you, as you’ll have total authority and power. That means you’ll be accountable for all of your decisions and for keeping track of any obstacles you encounter along the route. It’s critical that you have a solid foundation for your business. Start with a good business idea It helps to be knowledgeable about the market you’re interested in when deciding on a company concept, as well as to be clear about…

Selling a Limited Company You may desire to sell your limited company for a variety of reasons, including retirement, profit, or simply not wanting to manage it anymore. When it comes to selling your UK limited business, there is generally no shortage of paperwork! It’s a good idea to take a step back and consider how you want to make the firm ready for sale before moving further. You can sell your shares to a third-party buyer or to any…

In most cases, for higher-rate taxpayers, buying properties through a limited company does make sense. it offers full tax relief on mortgage interest, access to lower rates of tax and flexibility. it also puts your property business on a firmly professional footing, which can be helpful when it comes to persuading investors and lenders. but every individual’s case is different and its always worth taking advice – especially as the UK government keeps making changes that mean the decision gets…

SPOT THE PLOT BEFORE YOUR GOODS GET GOT What is occupational fraud?  Occupational fraud generally refers to fraud committed by an organization’s employees. This kind of fraud can be put into three categories: asset misappropriation, corruption, and financial statement fraud. According to the Association of Certified Fraud Examiners (ACFE) 2018 report to the nations, the U.S median loss from occupational fraud is around $108,000. Although there is not a typical profile of a fraudster in this area, evidence shows the…

The odds of a UK interest rate rise before the end of the year increase, as rising inflation puts more pressure on the Bank of England. Bank of America predicted the BoE would raise interest rates in December, to show that it is taking inflationary pressures seriously. UK gilt yields hit their highest level since May 2019, as the City braced for higher borrowing costs. The pound hit a two-month high against the euro before worries over the last Brexit…

    The department of Business expects to get Prime Minster Boris Johnson’s backing for a package to help energy-intensive industries’ as gas prices soar. On Monday, business secretary Kwasi Kwarteng asked the Treasury to support firms hit by rising energy costs. The proposal could involve loans worth hundreds of millions of pounds. The treasury has said to be still analysing the proposal, while number 10 has declined the comment. Prime Minister Boris Johnson is reportedly gearing up to offer struggling…

Over the past week, the UK has been hit by an automotive fuel shortage that’s leaving some filling stations with no option but to turn customers away. While that’s leading to gridlock and traffic jams at filling stations as drivers panic buy fuel, it’s also having another, more unexpected outcome. its driving interest in electric cars and public transport. According to figures compiled by UK newspapers, the Evening Standard, web searches for electric cars in the UK have soared over…

You can decide to commit to being self-employed full time, or freelance as your bit on the side. However, a more complicated issue is whether you intend to be a sole trader, or set up as a limited company. Sole Trader This is the more popular option, accounting for 60% of all businesses in the UK Pros: More straightforward then setting up as a limited company. Cheaper Cons: Should your business fail, you are the hook of any debts, meaning…