The Business Exchange Swindon & Wiltshire Edition 61: June/July 2022 - Page 30
No one can afford to ignore climate issues but there is help available for businesses heeding the green message
Everything you need to know when developing your company ’ s electric vehicle policy .
Richardson Swift Tax Director Jon Miles addresses the main concerns around e-vehicles and how businesses can benefit from introducing them .
What are the tax reliefs if my business buys an electric car ?
If your business buys the car outright or using finance ( e . g . Hire Purchase ), the business will qualify for a 100 per cent first year capital allowance . i . e ., the business can claim the full cost of the vehicle in the first year against taxable profits . This provides a lucrative cash flow benefit to the business that is not available for other cars . These only get a 6 per cent – 18 per cent write down allowance each year depending on the Co2 emissions . To qualify for the 100 per cent capital allowance , the car must be brand new or its only prior use was that of a demonstration vehicle . For a second-hand electric car , these will only qualify for the standard 18 per cent write down allowance each year . In relation to electric hybrid cars , be aware the 100 per cent first year capital allowance is no longer available for these . For hybrid cars these will only qualify for the standard 6 per cent – 18 per cent write down allowance based upon the Co2 emissions figure , even if the car can operate for a distance on electric only power . In relation to the previously announced super deduction for companies , electric cars unfortunately do not qualify for the super deduction .
What is the company car benefit in kind P11D tax charge ?
If a business provides an electric car to an employee or director that is available for personal use , the taxable benefit on the relevant employees will be based upon the list price when new multiplied by 1 per cent for the current year to 5 April 2022 . For the year to 5 April 2023 this percentage increases to 2 per cent . See below :
For example , a Tesla Model 3 with a list price of £ 40,990 would generate the following tax liabilities :
Although the benefit is likely to be lower than a standard petrol / diesel car , it will not be as low as an electric only car . If you are considering acquiring a hybrid car and would like to know the personal tax cost , please let us know what model you have in mind , and we can give you an idea of the tax charge .
" A tax efficient way of extracting profits from your business ..."
Jon Miles , Tax Director
At Richardson Swift we specialise in advising owner managers and small to medium-sized businesses on how to use current tax law to enhance their operations and maximise profit right through the company ' s lifecycle . From compliance to outsourced financial director services , our expert team prides itself on getting to know our clients so we can not only meet their needs but anticipate them .
16 www . tbeswindonandwilts . co . uk
Talent Managers or Recruitment Consultants?
Talent vacancies are everywhere. Given the competition in the market, more and
more companies seem to be looking to recruit an internal talent manager in hope
to further their recruitment strategy and generate further candidates.
But what actually is talent?
Talent is defined as:
“a pursuit, area of study, or skill to which
someone has devoted much time and effort
and in which they are expert.”
By definition, to be determined as a talent manager,
you must have spent good, dedicated time in the
recruitment industry or talent acquisition.
If the above is a definition of talent, your responsibility
in a talent role is to source individuals with a skill or area
of study to which they have dedicated time and effort to
become an expert. So how does this differ to recruitment?
Well, according to Jobvite...
“Recruitment is about filling vacancies.
Talent acquisition is an ongoing strategy to
find specialists, leaders, or future executives
for your company.”
As recruiters, we are situated perfectly to source talent
across multiple channels and for multiple companies.
Yes, you could argue that recruitment is about filling
vacancies but in today’s market to fill a vacancy you
need to be able to strategically attract candidates. You
also need to advise clients on how best to market their
business in order to do so. The process of recruitment
isn’t just flinging a CV and hoping they get the job for
a quick fill. It is an ongoing partnership with clients to
ensure well-sourced and well-placed specialists join and
flourish in your company.
A differentiation of the two roles would be that a talent
manager would search only for talent and candidates
specific to your company, compared to a recruiter who
would search for candidates for multiple companies
across a wide geographical area. Does the fact a recruiter
has exposure to multiple organisations give them a
more in depth look at the market and position them
best to advise on how you could maximise retention,
advertisement and attraction?
Recruiters also have an array of resources and tools
available at their disposal rather than the limited options
available to a talent manager. Do these resources not also
place recruiters in a good position to source specialists,
leaders, or future executives for your company?
At CMD Recruitment we do more than just fill
vacancies. We put the consultant into recruitment
consultant and use our talent to advise our clients on
how best to stand out in the market. We advise them
on how to incorporate their employee value proposition
into their recruitment campaign. We provide bespoke
benchmarking services and apply all the latest state-of-
the-art tools to ensure we deliver the very best top tier
talent not just for your one vacancy but as part of your
Contact our team today to learn more.
or call: 01225 805 080.
Looking for a better work/life balance
in the finance sector?
Does SWBF have the answer?
Founded in 2014, South West Business Finance (SWBF) is an independent commercial
finance broker and consultancy based in Corsham. As well as helping businesses acquire the
funds they need to grow; the firm also offers a highly flexible way of working for its partners.
Kevin Willcox recently joined SWBF and has
found the company’s adaptable approach to
be a perfect match for his current lifestyle.
He said, “I was looking for something
a bit different after 42 years working for a
mainstream bank. As a Partner for SWBF,
you set up your own limited company so that
you are self-employed and are then paid
commission. So rather than having a salary,
you are paid on the work you complete.
“While you’ve got the advantage of being
under the umbrella of the SWBF brand,
you are also your own boss and there’s no
pressure on what days you work. It certainly
provides a better work/life balance for me.”
On leaving school, Kevin worked for
Midland Bank and HSBC for just over 42
years -mostly in senior commercial and
corporate roles such as business lending
where he managed a portfolio of SME
business clients across Devon, Wiltshire,
Hampshire and Dorset.
After officially retiring on 31st October
2021, he had six months off – during which
time he was able to play golf and start
various DIY projects – but was coaxed back
into working after getting in touch with one
of the SWBF owners via LinkedIn.
“We had a catch-up and it quickly moved
on from there,” said Kevin. “It was too much
of a good opportunity to turn down!”
In his new role, Kevin will be picking up
with both old and new customers to help
them secure funds.
He said, “Although SWBF is a South West-
based business, no one is currently covering
my patch – which will be the Wiltshire,
Hampshire and Dorset areas. So, this fits
in nicely with the areas that I have covered
before [in previous roles].”
Since working for SWBF, he has already
found it very different to working for a
big multi-national company and all the
complexities that come with it.
He explained, “My eyes have really been
opened to how many more funding solutions
are out there. While I may have been
constrained with my previous employer to
quite a narrow form of finance, already I'm
aware that there is much wider financing
available through lots of different lenders.”
In addition to the broader range of
available funding, SWBF’s reputation was
also a key factor in Kevin’s decision to start
“I've been very impressed with the setup
at SWBF,” he said. “The firm has grown
significantly since being founded eight
years ago and is already well respected and
recognised in the commercial field.”
He added, "I’m really looking forward
to using my knowledge and experience
in the commercial lending sector to help
businesses across the South West find
For more information on SWBF email:
Natalie.Charteris@swbf.co.uk or to work
with Kevin directly, call: 07584281403.
Five reasons to work with SWBF
Taking your business
to the next level1) FLEXIBILITY
• True flexibility
• Self employment
• Build a career around your family and lifestyle
Are you looking for a leading employment
law specialist who can provide tailored
advice and guidance?2) SUPPORT
• Marketing support
• Dedicated Business Development Manager
• Qualified leads
• In-house compliance and CRM
At Goughs we understand that Employment law can
be a minefield. Litigation is not only costly, but can be
a major distraction. Running a business is time and
energy-consuming enough, so let our proactive
employment experts help you.
We will support you in running your business and
provide you with bespoke, comprehensive and
practical advice. We are not here to tell you what to
do, but to help you to make things happen, how and
when you want.
Get in touch today to ensure
your business continues
3) FAMILY ENVIRONMENT
• No bureaucracy
• Make your own decisions
• Better work life balance
• Enjoy your job!
4) EXCELLENT SERVICE
• Access to over 200 lenders
• Full market view
• Best service
• Funding solutions for our clients
• Part of our client’s success
South West Business Finance is a broker of credit and not a lender. South West Business Finance is a trading name of Aspire
Commercial Finance Limited Registered in England & Wales under No: 09076273. Aspire Commercial Finance Limited is
authorized and regulated by the Financial Conduct Authority (690089) also a member of the NACFB (06/0035/CM)
Like the sound of this?
Get in touch for a no obligation chat.
or call 01225 800 849
funding solutions for
your business and
Head of Employment
• Experienced team
• Strong brand reputation
• Ambitious growth plans
• Dynamic organisation
THE BUSINESS EXCHANGE 2022