Monthly Archives: July 2021

Hot Business News Today

#AskFSB: tweet your questions to FSB policy boss Craig Beaumont

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Originally written by Small Business Team on Small Business
On 8 July SmallBusiness.co.uk will be hosting a special one-off Twitter Q&A with Federation of Small Businesses (FSB) policy boss Craig Beaumont. You can post questions anytime using the hashtag #AskFSB. Craig will then respond to your questions from 4:30pm on 8 July.
Craig is chief of external affairs at the FSB, which means he has the ear of politicians when it comes to them making policy decisions affecting our businesses.
To join in, just follow @smallbusinessuk and tweet your questions to Craig now using the hashtag #AskFSB.
Remember, you can only tweet your questions to Craig through the @smallbusinessuk Twitter feed.
Craig will answer any questions about running your small business, particularly where government support measures for those that should be allowed to fully reopen on 19 July in England are concerned.

Bounce Back Loans
The looming review of business rates
The lack of income support for directors
Brexit
What HMRC is doing and what Boris Johnson and Rishi Sunak can and should be doing to get Covid-ravaged small businesses back on their feet

Craig Beaumont knows better than anyone what our politicians might be persuaded to do to help small business, so send him your questions now using #AskFSB.
 
#AskFSB: tweet your questions

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Hot Business News Today

Buying commercial vehicles for tax reasons

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Originally written by John Miller on Small Business
This is not a simple topic and is dependent on a number of factors, such as the type of vehicle you wish to buy.
As a sole trader, I would recommend buying the car yourself. The benefits of buying a car through your business are limited.
If your company buys a car, and a loan is taken out to purchase the vehicle or if it’s on Hire Purchase, only the interest payments are an allowable company expense.
If you buy a van, buy it through your company. Vans are classified as plant and machinery for tax purposes. As such, they qualify for 100 per allowances under the Annual Investment Allowance regime. This means you get a deduction for 100 per cent of the cost to reduce your company’s taxable profits.
>See also: 8 business van financing tips for your SME
Quirky as it might sound, motorbikes are also not a car, so get the same regime as vans.
Either way, if you’re going to buy, consider buying electric.
With cars and vans, you can charge your company a reimbursement expense of 45p a mile for the first 10,000 business miles that you travel in each tax year and 25p per

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