Archive for June 2013 | Monthly archive page

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Greg

We are pleased to introduce Greg Smyth from Smyth & Co. Chartered Accountants as our guest contributor for this post:

As a Chartered Accountant, a common question I am asked is “Should I buy the car personally or through my company?”

The vehicle you choose makes a difference; CO2 emissions have a huge impact.

 

With this and so many other factors impacting upon the calculations it is not a straight forward question to answer. However, below I set out some points to consider:

– Where a car is made available to an employee by reason of employment, the income tax charge is based on a percentage of the car’s list price, graduated according to the level of the car’s CO2 emissions measured in grams per kilometre (g/km). Therefore, the lower the CO2 emissions rating the more likely it is that you will benefit from buying the car through the company.

– Because the benefit in kind is also based on the list price, buying a second hand car at considerably less than list price is unlikely to be tax efficient as a company car.

– In terms of capital allowances, from 1 April 2013 you should ensure the CO2 emissions are no greater than 130g/km to obtain an 18% writing down allowance. If the CO2 emissions are above this then you will only receive an 8% writing down allowance.

– If you can manage with a small car, then look for something that outputs no more than 110g/km to obtain 100% capital allowances.

Many other areas such as tax rates, mileage, running costs and how you intend to finance the purchase need to be taken into consideration. Ask an accountant to complete the calculations for you – it can be costly to make the wrong decision.

Greg Smyth – Smyth & Co Chartered Accountants

 

The information contained in this article is written as a general guide and is not a substitute for professional advice.  You are strongly recommended to obtain specific advice before you take any action.  No responsibility for loss occasioned to any person acting or refraining from action as a result of any material in this article can be accepted by Smyth & Co.

 

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Yesterday, the EValu8 team hosted a free event designed to help people learn all they need to know about Electric Vehicles. With just shy of 100 places booked, an impressive line-up of expert speakers and the sun shining, we were set for a fantastic day.

We are thrilled to report that the conference was a big success with high expectations being met. Our very own Keith Bevis set the scene for the day, pondering ‘What is the Fuss about EVs?’ Our speakers and exhibitors helped answer the question emphatically as the day progressed.

Throughout the day we received positive feedback from partners, sponsors and delegates alike. There were plenty of laughs, some exciting presentations and practical discussions.

Speakers included Norman Baker, Parliamentary Under-Secretary of State for Transport, whose talk generated 15 minutes of questions and discussion. We also heard from Ian McDonald from Future Transport Systems about the future for the EV sector and emobility.

The general opinion of industry experts was that we are at the end of the beginning for the Electric Vehicle sector, and at the start of industry growth. Positive news – Evalu8 can help with advice and funding initiatives.

Five Electric Vehicles were in attendance, giving people a wonderful opportunity to explore the cars and pose questions to the manufacturers. Particularly popular was the pure electric Renault Zoe and the hybrid Vauxhall Ampera.  Ian Allen from Vauxhall Motors presented too, offering his industry perspective on the future of the EV sector.

The conference was a huge success and we would like to thank everyone involved for their hard work and support.

In fact, it was so well received that we are talking with our key sponsors and the Regional Transport Forum about making it an annual event. This will keep everyone fully informed of new developments and latest news… especially important as the Electric Vehicle is going from strength to strength.

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The Peter Drucker Challenge is an annual contest inspiring innovation amongst entrepreneurs, artists and students aged up to 35 years.

It is designed to encourage young people to reach beyond the traditional realm of business – to the Arts and Sciences.

This year’s challenge sees the exciting introduction of video entries for the first time. Entries can be by essay (Tell Me What You See) or by video, (Show Me What You See).

Prizes will be awarded to the 40 best entries, including cash prizes of EUR 1,000 to the first-prize winners in the essay and video contests. In the event a single person wins both contests, the cash price will be EUR 4,000.

There’s still time! The deadline for submissions is July 1. Prof. Lynda Gratton of the London Business School will chair the judging panel for the essay contest. An online public voting system will be used to determine the winners of the video contest. More details on how to enter are here.

Both contests will complement and enrich discussions at the annual Global Peter Drucker Forum. This year’s event in Vienna (14-15 Nov 2013) focuses on the theme of Managing Complexity.

Plus – if your innovative ideas involve low carbon related areas, they could be supported by our innovation voucher scheme. Each voucher is worth up to £1,000.

Good luck!

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