The Business Exchange Swindon & Wiltshire Edition 61: June/July 2022 - Page 30

ADVERTISING FEATURE

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
ADVERTISING FEATURE PEOPLE 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. 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Contact our team today to learn more. Email: info@cmdrecruitment.com or call: 01225 805 080. ADVERTISING FEATURE 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. 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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 working again. “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 funding solutions.” 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 to thrive. 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 Rebecca Dennis 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) www.tbeswindonandwilts.co.uk Like the sound of this? Get in touch for a no obligation chat. Email: NatalieCharteris@swbf.co.uk or call 01225 800 849 funding solutions for your business and property needs Head of Employment rebeccadennis@goughs.co.uk 01249 475880 30 5) REPUTATION • Experienced team • Strong brand reputation • Ambitious growth plans • Collaboration • Dynamic organisation 01225 800849 www.swbf.co.uk THE BUSINESS EXCHANGE 2022 31