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October Question and Answer Section

Newsletter issue - October 2013

Q. There is an offer in my area to lease an electric car for two years, to help test the electric charging infrastructure installed by the council. Can my company take advantage of the tax breaks if I lease the car?

A. No. If the lease for the car is in your personal name your company cannot claim the 100% capital allowances which are available for electric and low-emissions vehicles. If the car will be used for your business we can help you crunch the numbers to see if it would be worthwhile for your company to purchase or lease the car and claim the allowances. However, from 6 April 2015 there will be a tax charge for your personal use of the electric car.

Q. My daughter is now studying at University, but she worked full-time after leaving school in June and had tax deducted from all of her wages. Can she claim that tax back now, or does she have to wait until the end of the tax year?

A. She can claim the tax back now, and doesn't have to wait until the end of the tax year on 5 April 2014 to receive her tax refund. She needs to complete form P50 and send to HMRC.

However, if she expects to work again in the Christmas holidays, she may want to wait until she has completed that stint of work to reclaim all of the tax deducted in one go.

Q. I'm going to represent my company on an official UK trade mission to Australia, organised by my trade body. It will involve meetings with Australian potential clients over four days in two cities. My wife will accompany me on the trip, but she will not take part in the meetings. We will stay on in Australia to enjoy a short holiday. How should I split the costs between business and personal?

A. Your wife's share of the costs, such as air-fares and hotel bills, are not a business expense, so you need to personally reimburse your company for those costs, if tax implications are to be avoided. Any expenses relating to the holiday part of the trip (e.g. hotel and car hire expenses) should also be borne by you personally, not by your company.

 

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Dakins Property Services

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Choice Events Limited

All at Beauchamp Charles are very helpful, approachable and easy to talk to. They keep me informed with key dates; I can feel totally confident that I won't ever miss any deadlines! Whoever I deal with, always deal with matters professionally and efficiently and if they are unavailable they get back to me promptly.

FT leisure Ltd

I have worked with Beauchamp Charles as our management accountants for over 20 years and have never received anything less than exceptional service. Their approach is both professional and personal. Finances and particularly tax strategies are a minefield for small businesses; Beauchamp Charles have in-depth knowledge of these area, which is comforting. They pay very close attention to our business activities and have provided financial strategies that have helped our company develop.

Fredrick Thomas Electrical and Maintenance

We have used Beauchamp Charles since company formation back in 1998. Beauchamp Charles offers us a one to one service as they are small enough to offer this dedicated service and large enough to do the work and offer best advice. They get to know us as individuals and a business, always giving sound advice. Frederick Thomas Electrical are in a stronger place thanks to the service we get from them.

Barnes Walker Landscapes Limited

We are a small business and had employed the same accountancy firm for many years. Two years ago we took the decision to switch to Beauchamp Charles after several othe local businesses recommended them very highly to us. We have not been disappointed with the service they have provided to us over these last two years.