Jul 01

100% Electric Company Cars

By Mark Nesbitt | Uncategorised | No Comments

In simple terms, buying an 100% electric car through the company has the following tax advantages:

The full purchase amount can be written off against tax:
1. Only if the car is bought by the company and is new (so, not leased or second hand).
  1. Financed purchases are OK, so long as the company owns the vehicle on their balance sheet.
2. If the car cost £50,000 – this would be written off against tax, saving approx. £9,500
3. Although, if the car is sold at a later date, tax on the sale value will be due
4. It’s unclear if electric cars would benefit from the enhanced capital allowances introduced in April – but this could be investigated if this was an option to you
Benefit in Kind charge is 1% for 2021/22, 2% for 2022/23 and so on
1. On a £50,000 car this would be £500
2. Tax charge would therefore be:
  1. Basic rate tax rate: £100
  2. Higher rate tax rate: £200

A lease would have the same BIK benefits, but you don’t get the first year allowance tax write off.

Jun 22

Research & Development (R&D) Tax Credits – what do I need to know

By Mark Nesbitt | Tax Planning | No Comments

If you’re thinking about making R&D tax credit claims, here’s what you need to know about the process. Read More

Apr 28

How we set up Todoist (notifications)

By Mark Nesbitt | Software | No Comments

Here are a couple of videos to help make sure you set up Todoist notifications effectively:

The basics:

Adjustments to notification settings:

Nov 26

3rd SEISS Grant – Self Employed Grants

By Mark Nesbitt | COVID-19 | No Comments

Below is a snippet of text provided by HMRC. Please speak to us before making a claim, as the eligibility has changed considerably from the first two grants.

Nov 02

Lock down 2 – what support is there?

By Mark Nesbitt | Uncategorised | No Comments

Further reading and source: https://www.gov.uk/government/news/furlough-scheme-extended-and-further-economic-support-announced

Businesses required to close:

Restaurants, bars and pubs will be required to close but can continue to offer takeaway services. In addition, the following businesses will be required to close:

all non-essential retail (clothing, electronics, betting, tobacco and vape shops, betting shops, tailors, car washes, vehicle showrooms and travel agents)
indoor and outdoor leisure facilities (gyms, swimming pools, gold courses, dance studios, shooting ranges and stables/riding centres)
entertainment venues (theatres, cinemas, bingo halls, casinos, zoos and animal attractions)
personal care facilities (hair, beauty and nail salons, tattoo parlours, spas, massage parlours, non-medical acupuncture and tanning salons)

Non-essential businesses can continue to offer delivery and click and collect services.

Oct 27

Job Retention Bonus

By Mark Nesbitt | Uncategorised | No Comments

A Job Retention Bonus of £1,000 will be paid where:

An employee was previously furloughed.
An eligible furlough claim was made for that employee.
The employee remains continuously employed from 1st November 2020 to 31 January 2021.
The employee is not serving notice
The employee must have been paid at least £520 a month average for the 3 months preceding 5th February 2021
Taxable income must have been paid in the 3 months preceding 5th February 2021

Claims will be made after 15th February 2021 and must be made by 31 March 2021

Employees claimed on the Job Support Scheme from 1st November 2020, will also be eligible.

Directors are also eligible for the bonus, if all the above are met.

Love Accountancy are planning to file these claims for our clients.

Jul 07