BNI Athena

15/01/2025

10/07/2024

Is Your Business Insurance Keeping Up With Your Growth? Discover How ERB Commercial Insurance & Risk Management Delivers Tailored Solutions and Expert Guidance to Protect and Propel Your Business. Get A Quote Professional Advice ERB are committed to providing you with the insurance protection you re...

06/07/2024

I am a Chartered Accountant, at your service and here to help if your accounts are in a mess, or you need assistance with tax returns.

03/07/2024

Let’s be honest, no one likes paying tax and as Benjamin Franklin said that and death are the only guarantees.

But try and reframe the thought of paying tax – the more you are paying the more profitable you and your business are.

However, there are numerous ways to reduce this, saving cash to then reinvest or utilise elsewhere.

For example, purchasing a new electric vehicle can claim 100% corporation tax relief under the First Year Allowance scheme.

Also, the benefit-in-kind rate is very low, currently at 2% albeit going up by 1% over the next three years, so the taxable amount

So, depending on your corporation tax rate, a £50,000 electric vehicle could save your business £12,500 in Corporation Tax and only add £1,000 to your personal taxable income. Even if you are in the Additional tax rate band this would only be £450 in income tax!