Use of vans for private journeys

The impending P11D (benefits in kind) deadline has highlighted that although we are more than a year into the new regime for taxing vans, there is still some confusion about the current rules. From 2005/06 onwards, employees were no longer considered to have a van benefit if the only private use is travel between their home and work. If the employee does have other private use of the van, the benefit values stayed the same, as they have always been i.e. £500 or £350 if the van is more than 4 years old.  

However, this is set to change though on 6th April next year when the benefit value of a van made available for private use goes up to £3000 plus an extra £500 if any private fuel is paid for.  As this will make quite a large tax difference to those employees affected and it will increase your Class 1A National insurance bill, it may be advisable to review the allowed usage of each van before the changes come into force.

For further advice on this issue please contact your client manager

Is your cash flow at risk from late payers?

In a recent poll by the Better Payment Practice Group, 32% of businesses confessed to not sending their customers written confirmation of credit terms thereby putting their cash flow at risk from late payers.

In the meantime, the companies with the least credit problems, not only sent written confirmation of the credit terms before starting business but also informed their customers of any legal activity that may occur in the event of a late payment.

If you are experiencing slow payment from some of your customers it is worth reviewing your standard payment terms and procedures in detail and perhaps getting the advice of your solicitor or principal adviser from stephen-hill ltd.

How to get everything you ever wanted from your business!

You put a lot of time and effort into your business but have you ever really thought about what you want out of your business?

The problem with running a business for a number of years is that it is easy to get caught up in the day-to-day operations and it is easy to lose sight of your goals and ambitions.

Our strategic planning specialist Malcolm Palmer has worked with hundreds of businesses that had lost sight of their goals and has a very high success rate in helping them to achieve what they want.

Because of Malcolm’s success in strategic planning he has been asked to speak at an event organised by local businesses. The aim of the seminar is to help you to identify what you want out of your business and ways you can go about achieving your goals. Malcolm has been able to secure ten free places (first come, first served) for our clients.

The seminar will take place on 28th June at the Thistle Hotel at Brands Hatch. The seminar will start at 8am prompt, refreshments and bacon rolls will be available from 7.45. If you are interested in attending please email jenny@stephen-hill.co.uk

"Ability is what you're capable of doing. Motivation determines what you do. Attitude determines how well you do it".

Raymond Chandler 

(American Writer 1888-1959)