Landmark Case Highlights the Rules Around Commercial Vehicles

Many business owners provide their employees with vehicles to help them perform their work duties. But with commercial vehicles attracting a lower level of tax than company cars, the vehicle must meet the criteria set out by HMRC. HMRC states that a commercial vehicle must be ‘constructed primarily for the conveyance of goods or burden with … Continue reading Landmark Case Highlights the Rules Around Commercial Vehicles

Tax Charge to Reduce on Hybrid Cars

The Government has announced plans to reduce the company car tax rates on low emission vehicles from 6 April 2020. For cars with no CO2 emissions, the current percentage applied to the list price to determine the benefit in kind value, is 13%. This is set to increase to 16% in 2019/20 and then fall … Continue reading Tax Charge to Reduce on Hybrid Cars

Cars in the Business

For those businesses operating as a limited company, it is important to remember that as a director, you are a separate entity from the company. This is in contrast to a sole trader or partnership, where the proprietor or partner is, in fact, the business.  This difference sets the context for paying or reimbursing motor … Continue reading Cars in the Business

Ways To Save Tax Ahead Of The 5 April Year End

The end of the tax year of 5 April is fast approaching, and this is always a good time of year to think about ways to structure your business and personal finances so that they are as tax-efficient as possible. With new rates and various legislative changes due in the 2016/17 year, here are some … Continue reading Ways To Save Tax Ahead Of The 5 April Year End

Is It Time To Ditch Your Fuel Charge Benefit?

The car benefit charge multiplier increased from £21,700 to £22,100 on 6 April 2015 and, with effect from 6 April 2016, will increase again in line with the retail prices index. The equivalent benefit for vans is £594 and, again, will increase in line with the retail prices index. This means, for example, if your … Continue reading Is It Time To Ditch Your Fuel Charge Benefit?

You Auto Know The Car Pool Criteria!

If you provide your employees with a car which you deem a pool car, then you must ensure that this is a pool car within HM Revenue & Custom’s definition. If HMRC enquire and find that the car should in fact be treated as a company car, then they will enforce this treatment, along with any … Continue reading You Auto Know The Car Pool Criteria!

100% First Year Allowances on Low Emission Cars Extended

Up until 31 March 2015 it was possible for businesses to claim up to 100% of the cost of cars purchased for use in the business if they had CO2 emissions of 95g/km or less. This is known as first year allowances (FYA) and HMRC have extended the deadline for claiming FYA on low emission cars, … Continue reading 100% First Year Allowances on Low Emission Cars Extended

Saving Tax Before The 5 April Year End

Our Tax Saving Newsletter is now available here: Green & Co Tax Saving Newsletter It includes: Capitalising on personal allowances Making tax-efficient savings and investments Tax-efficient pension planning Extracting profits – tax-efficiently Considering your company car

The Tax Efficient Company SUV – Mitsubishi Outlander PHEV

In recent years the government has changed the way that company cars are taxed. They have been trying to encourage more people to be environmentally friendly. Consequently, the higher a car's CO2 emissions, the higher your tax bill on the benefit in kind, and the lower the capital allowances that are available for the company. … Continue reading The Tax Efficient Company SUV – Mitsubishi Outlander PHEV

Can company car’s still be tax efficient?

The way company cars are taxed has changed quite significantly over the years, with the rules now concentrating on CO2 emissions instead of the list price. The government is trying to encourage more people to be environmentally friendly and consequently the higher the car's CO2 emissions, the higher your tax bill on the benefit in … Continue reading Can company car’s still be tax efficient?