News & Events
Thinking of offering a Company Car – Take advice first?
HM Revenue & Customs have recently won a case where they pursued the taxable benefit of a vehicle provided by the company, for the Wife of the Sole Director (who was not herself a director or an employee) but had been appointed as Company Secretary.
The company provided her with a high-value BMW for business and private use. She did not receive a salary from the company but undertook some managerial and clerical work, claiming the car was used for transporting supplies where needed.HM Revenue & Customs argued the car was not suitable for the work being undertaken by her, in the role as company secretary or suitable for the type of work carried out by the company.
HMRC suggested this was in fact, a benefit as a result of their marriage and claimed this should have been taxable on the Husband as a director. Should this not have been challenged by HMRC it would have been likely that no tax would have been due as the wife did not take a salary and would have been below the £8500 threshold.
Unfortunately for the company it was ruled by a tribunal that there was insufficient evidence to show HM Revenue & customs were wrong in their accusation and so the car was taxed on the Husband, not his spouse.
Protect yourself, before you decide to supply a company car to anyone within your business call us to discuss the overall affect it may have. Happily there may be a way forward to avoid this situation. |
|
Bribery Act - 2010
Came into force on the 1st July 2011.
If you make public sector bids or tenders, you may be requested to formally confirm your compliance with the Act. Also if you have dealings with certain overseas countries, or government bodies elsewhere, you may be affected.
If you have any queries re the Act, contact us in the first place, though more complex queries may have to referred to one of our legal associates. |
Do you need help with funding, grants or your bank manager?
Are you really happy with your banking arrangements, charges? How easy is it to borrow money when you need it? How much do you know about government grants or funding that may be available to you?
These are all good questions and Graham Hall, You Business Buddy can help. As an ex senior banker he is ideally suited to help you iron out any issues you are not happy with. He has a hands on approach and can attend meetings with your bank manager.
You can contact Graham on 01296 730056 or 07889 780170.
alternativly you could email graham@grahamyourbusinessbuddy.com
"An ex senior business banker with 30 years experience"
HMRC's
Business Record Checks step up a
gear
HMRC
have released some early findings in respect of their ongoing Business Record
Check pilot, confirming that 44% of enterprises had issues with their record
keeping and 12% had seriously inadequate records.
During
this initial stage HMRC confirmed it would only issue penalties in the most
extreme cases. In the longer term it plans to impose penalties of up to £3,000
for serious inadequacies.
The
business records check programme stepped up a gear from mid September, with the
number of staff on the project rising from 30 to 120 and HMRC plan to conduct
12,000 checks by the end March 2012.
Keeping
adequate records has always been vital and clearly now with the prospect of
financial penalties for failure it even more important.
Call us if you would like us to review your system or if you would like any help.
|
