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Having a good strategy is one thing, executing it well can be a huge challenge.
Many business owners and managers are familiar with the scenario – you arrange a strategy day with your team, capture the outputs and create a strategic plan.
Office space is expensive. Do you really need to have a dedicated desk for each and every employee? Recent years have brought a lot of changes to the office environment, particularly as technology develops and the next generation of employees has come through to management.
The environment, wellbeing, mental health and technology look set to be some of the big business trends in 2020. As we move into 2020, businesses will have to adapt in a world that places greater emphasis on sustainable business practices. People will want to work for firms that take care of their employees in terms of their physical and mental health.
At this time of year we think about New Year’s resolutions. It is also a good time to start planning your tax affairs before the end of the tax year on 5th April. An obvious tax planning point would be to maximise your ISA allowances for the 2019/20 tax year (currently £20,000 each).
It is that time of year again for staff parties and annual functions, so it is important to make sure you record it properly.
Remember that certain gifts to staff at Christmas are tax free if structured correctly. Ever since April 2016 employers are allowed to provide their directors and employees with certain “trivial” benefits in kind tax free.
Where possible higher rate taxpayers should “Gift Aid” any payments to charity to provide additional benefit to the charity and for the individual to obtain additional tax relief on the payment.
Are you thinking of getting a company car? The government has announced that there will be a zero P11d benefit for the drivers of electric cars from 2020/21. This is instead of the 2% scale charge that was originally included in Finance Act 2017 to apply for 2020/21. The legislation for the change will be included in Finance Bill 2020 and it is proposed that the benefit will be 1% of list price in 2021/2 and then 2% in 2022/3.
The cost of running a business goes up every year, but when was the last time you increased your prices? Many business owners and managers worry that if they were to increase prices, they would lose customers.
It is that time of year again when parents are sending their children off to university. There’s a lot to consider and parents may of course wish to support their children financially, where possible.
Many company owners work from home, this note looks at how you may obtain tax relief on the cost of converting the spare room or building a deluxe summerhouse to serve as an office in the garden.
• A director can reclaim any expenses incurred when working from home from their company.
Whilst divorce can be very unpleasant, it is important to seek specialist advice to ensure you understand your tax position, have no hidden surprises and do not miss the opportunity to save tax. It can also be difficult with HMRC. We have outlined some implications to consider when going through with a divorce.
HMRC are being urged to provide clarity and consistency on the tax treatment of commercial vehicles such as VW Kombi Vans marketed as goods vehicles. The need for clarity follows the ruling in an important tax tribunal case involving “vans” provided to employees of Coca Cola.