A Note from our Advisory Team - Northern Ireland Economy Sees Continued Growth in Q2 2024
Northern Ireland's economy demonstrated steady progress in the second quarter of 2024, with growth measured at 0.4%, resulting in a 2.3% increase over the past year, according to the latest official figures. The Northern Ireland Composite Economic Index (NICEI) indicates that the private sector was the primary driver of this growth, with output rising 0.5% from April to June, bringing the annual increase for the sector to 3%. This performance is particularly noteworthy given the 0.2% contraction in public sector output during the same period, which is down 0.1% compared to the previous year.
Read full articleCompany Cars
Company Cars Considering investing in a new car for your business? As a business owner, you’ll need to carefully consider the financial and tax implications of getting a company vehicle. You’ll need to decide if it’s better to purchase the car personally or through your business, whilst considering the VAT implications and any Benefits in Kind. First, determine if the car will be used solely for business or if there will be some private use. Private use includes commuting to and from work. HMRC has strict criteria for what qualifies as 100% business use. You also need to consider the CO2 emissions produced by the car, as these will impact the Benefit in Kind and the percentage of Capital Allowances you can claim. The growing popularity of electric and hybrid cars can offer opportunities for a more tax-efficient investment. If a vehicle is used exclusively for business purposes, you can reclaim VAT on the purchase. However, if there is any element of private use, VAT cannot be reclaimed.
Read full articleRelevant Contracts Tax (RCT) 2024
Relevant Contracts Tax (RCT) is a withholding tax that applies to certain payments by principal contractors to subcontractors in the construction, forestry and meat-processing industries.
Read full articleNI Business News Round Up - week ending 10th May 2024
Our team has summarised the key developments for NI businesses in the news this week.
Read full articleNI Business News Round Up - week ending 17th November 2023
Our team has summarised the key developments for NI businesses in the news this week.
Read full articleNI Business News Round Up - week ending 3rd November 2023
Our team has summarised the key developments for NI businesses in the news this week.
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