New Enterprise Zones | VAT Online | More on Company Cars
New Enterprise Zones
Our nearest new zone is positioned in Sheffield and it will benefit from;
- Discounts on business rates
- New superfast broadband
- Lower than normal levels of planning control
- Enhanced capital allowances.
These provide an incentive to locate in such a zone or maybe do business with entities already located there.
VAT online
From 1 April 2012 ALL businesses with a turnover of UNDER £100,000 per year must file their VAT returns online AND pay their liability electronically.
There will only be more and more dealings with all VAT aspects of your business only in the future.
More on company cars
Your taxable P11d benefit on a company car is reduced if you make;
- Either a ‘one-off’ contribution towards the purchase price; or
- a payment towards the private use of the vehicle.
From April 2012 the QUALEC, ie a qualifying car, applies no more.
If the emissions are below 100g/km the assessed amount of the benefit is either 13%for diesels or 10% for petrol cars.
If the emissions fall to 75g/km the figure falls to only 5%.
If you will be driving an all-electric car there will be no tax charge until April 2015 at the earliest.
There are virtually no cases where it would make good sense for an employer to meet the cost of fuel for private mileage. The ideal way now is for employees to pay for all the fuel themselves and then reclaim the business miles through the HMRC approved mileage scheme.