How Can Accountants in Cumbria Benefit Start-ups?

June 09, 2015

New company car advisory fuel rates have been published which took effect from 1 September 2013.

HMRC's website states:

"These rates apply to all journeys on or after 1 September 2013 until further notice. For one month from the date of change, employers may use either the previous or new current rates, as they choose. Employers may therefore make or require supplementary payments if they so wish, but are under no obligation to do either."

The advisory fuel rates for journeys undertaken on or after 1 September 2013 are:

MONTHPETROLLPG
1400cc or less15p10p
18p (17p)26p (25p)11p (12p)
Over 2000cc26p (25p)16p (18p)
ENGINE SIZEDIESEL
1600cc or less12p
1601cc – 2000cc18p
Over 2000cc15p (14p)

Please note that not all of the rates have been amended, so care must be taken to apply the correct rate. The amounts for the previous quarter are shown in brackets where the rate has been amended.

Other points to be aware of about the advisory fuel rates:

  • Employers do not need a dispensation to use these rates.
  • Employees driving employer provided cars are not entitled to use these rates to claim tax relief if employers reimburse them at lower rates. Such claims should be based on the actual costs incurred.
  • The advisory rates are not binding where an employer can demonstrate that the cost of business travel in employer provided cars is higher than the guideline mileage rates. The higher cost would need to be agreed with HMRC under a dispensation.

If you would like to discuss your car policy, please contact us.

Data Payment Crackdown

HMRC have announced that for the first time they now have access to information on all credit and debit card payments to UK businesses. HMRC intend to use this information to aid them in a new crackdown on tax evasion.

Under new powers introduced from 1 September, HMRC can now access information from ?merchant acquirers? which are the companies that process card payment transactions. HMRC will use the information to determine the amount and value of transactions completed by a specific trader.

HMRC do not have access to personal data identifying the card owners or card numbers but this data will be used to ensure that traders have correctly accounted for all taxes due. HMRC estimate that this information could reduce fraud by over

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