Company Cars, Vans and Fuel

23rd February 2018

 

There are a number of changes to be aware of on the company vehicle front.

The first is that the diesel supplement (which not so long ago was due to be abolished) is to be increased from the current 3% to 4% from 6th April 2018.

The supplement will apply to all diesel cars registered from 1st January 1998 to 31st August 2017, and also to cars registered from 1st September 2017.

 

Reporting Company Car Changes

From 6th April 2018, employers who have opted to payroll company car and fuel benefits must report company car changes on the Full Payment Submission (FPS)

Rather than on form P46 (car). This has been an option since 6th April 2017, but becomes mandatory from 6th April 2018. Employers who report these benefits on the P11D  should continue to notify changes on form P46 (car) (or where an employee simply changes his or her car, online)

Employers who wish to payroll benefits in 2018/19 must register to do so by 5th April 2018 to the extent that the benefits in question were not payrolled in 2017/18



 
Other items in Blogs
 
Richard Alecock
24th May 2019 Making Tax Digital for VAT: Supplier statements now acceptable

In a welcome about turn, HMRC has changed its controversial policy on the recording of purchase invoices under Making Tax Digital for VAT. This will mean a huge time-saving for many businesses using the cash accounting scheme.   Under the cash accounting scheme, input tax is only claimed when payments are made to suppliers, and…

Read More »

Hannah Wisbey
22nd May 2019 Reform of Companies House Register

The government is consulting on proposals to significantly change the role of Companies House, with the aim of ‘increasing the transparency of UK corporate entities and helping combat economic crime’.   The consultation considers reform to: the information that companies are required to disclose increasing the checks on the information disclosed measures to improve the…

Read More »

Matilda Mawson
20th May 2019 Property allowance considerations: Joint properties held in unequal proportions

The property allowance was introduced on 5 April 2017, allowing a flat rate deduction of £1,000 to be claimed against property income, in lieu of keeping detailed records of expenses. This however, raises the question as to whether individuals renting out a joint property are required to make the same claim as one another. In…

Read More »

Bethan Hassey
20th May 2019 RSM’s Zorb Football Tournament

  On Thursday 16th May, Whitings attended RSM’s first ever Zorb Football Tournament in aid of the charity GeeWizz! After playing against 5 other firms, Whitings managed to finish 2nd overall based on goal difference.   It was a great event which helped raise money for a great cause. GeeWizz help support children and young…

Read More »

Matilda Mawson
16th May 2019 2019/20 Changes to Personal Tax and How It Could Save You Money

With the new tax year in full swing, we set out below some of the changes to various allowances and tax bands that affect how much tax you are paying: The personal allowance (the amount you can earn before you begin paying tax) has increased from £11,850 to £12,500. The basic rate tax band has…

Read More »

Jodie Tarbin
14th May 2019 PPR and Lettings Relief: an Update

Shortly following the last autumn budget, I published a blog “CGT Reliefs – Hit with Both Barrels!”, regarding the changes announced to the Principal Private Residence Relief (PPR) and letting relief rules.   HMRC have now published a consultation document, which can be found here: https://www.gov.uk/government/consultations/capital-gains-tax-private-residence-relief-changes-to-the-ancillary-reliefs   The consultation period closes at 11:45pm on 1…

Read More »