As well as the well known environmental benefits, there are also lots of electric car tax benefits. From government grants to benefit in kind allowances, there are reasons to lease or buy an electric car via the company and make it available for private use to an employee/director. In this blog, we will go through the grants available and the benefit in kind implications of buying an electric car through your business. Benefit-In-Kind Implications One of the key electric car tax benefits is a very low benefit in kind (BiK) rate. This makes it a highly tax-efficient option for individuals and […]
In this highly anticipated Budget announcement, there was a real focus on support for businesses and individuals whilst the lockdown is still in place and plans to help the economy recover once restrictions are lifted. The Chancellor opened by stating that he wants to be honest about the government’s plans for fixing the public finances and set out plans for the future. Making it clear that he would do… “whatever it takes” during the pandemic, and that he has done and will continue to do so, he added that “It’s going to take this country, and the whole world, a […]
How Cash Flow Planning Can Help Your Business Recover From Covid-19 For business owners, one of the hardest questions posed by the outbreak of Covid-19 was “How long can we last without cash flow?”. To quickly adjust for the difficulties ahead and with cash flow forecasts being a required part of the application process for government-backed loans, many found it necessary to take a good hard look at their budget. In this instance, cashflow planning has prepared businesses for the impact of the pandemic. But it’s much more than just a tool in a crisis. The Importance Of Cash Flow […]
The accounting world is full of an overwhelming amount of financial terminology and abbreviations. The number of accounting terms can confuse the most astute business owner. How can you make sure you are meeting all of your legal obligations if you don’t understand what any of it means? Many business owners will be very familiar with a lot of the accounting terms, but not what they mean. With that in mind, we have created a quick guide to de-bunk the most popular terms. A Account A formal record that represents a single aspect of the business i.e. money, assets or resources. […]
Here at KA Farr & Co we are passionate about ensuring every new business succeeds which is why we have put together our top tips for success. Why do new businesses fail? According to Bloomberg, 8 out of 10 new businesses fail within the first 12 months. A whopping 80% crash and burn. Here are the main reasons why: Lack of planning The first steps in setting up a new business are crucial and will give your business the best start, and a firm foundation on which to grow. Businesses fail because of the lack of short-term and long-term planning. […]
Some time ago we brought you the news that changes were coming to the amount of tax relief landlords could claim. A number of the changes the government is set on introducing could have significant effects, so we thought we’d bring you this quick reminder and update on what’s coming.
Following on from our article last week ‘debt collecting – top tips’ we have received lots of requests from clients for further help/information about this – after all, this time of year is notorious for being difficult to extract cash from customers.
Are your debtors crippling your cash flow? Are you struggling with chasing payments in from your customers? Could you minimise the risk of bad debts by collecting debt earlier? Why not standardise your procedures and follow our simple step by step guide below to debt collecting? Note: We at K A Farr & Co. have applied these principles & reduced our debt by 50%.
It’s that time of year again – are you ready for the upcoming self-assessment deadline? Far too many businesses find themselves caught out time and time again by their obligations in this area, which is why we thought we’d put together this reminder for all our clients.
It’s Christmas time again, which means it’s time to break out the cards and throw a do. Nobody wants to be worrying about the tax implications of doing something nice for their employees, so we’ve laid it all out as simply as possible for you.