CARS - 01.07.2024
Reduce company car tax with capital contribution
It’s time to replace your company car. A friend says that if you make a personal contribution to the cost it will be more tax efficient. The trouble is, you don’t have the cash for this. Is there still a way to achieve the tax saving?
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CARS - 12.06.2024
Latest advisory fuel rates
New rates. HMRC has published its latest advisory fuel rates (AFRs) for the quarter commencing 1 June 2024. You can continue using the old rates until 30 June 2024 if you wish. The table below shows the old rates in brackets. Employee reimburses employer. If you pay for fuel that employees use for private journeys in a company car or van and the employee reimburses you at the appropriate AFR, the car/van fuel benefit in kind won’t apply. Employer reimburses employee...
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VAT - 01.05.2024
Leasing cars - what are the VAT pros and cons?
You’re considering leasing instead of purchasing cars for your business. This will improve cash flow and, according to the salesperson, allow you to reclaim VAT that you would not otherwise be entitled to. Are they correct?
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CARS - 05.03.2024
New fuel rates for cars and double-cab pickups
Company cars. HMRC’s advisory fuel rates (AFRs) can be used to prevent a taxable benefit in kind for fuel being triggered if an employer provides a car to an employee or director. Note that some double-cab pickups continue to count as cars for tax purposes despite HMRC’s recent attempt to recategorise them as vans (see The next step ). ...
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CARS & VANS - 24.01.2024
When is a vehicle “available” as a company car or van?
After a routine compliance check HMRC is demanding years of back tax and NI plus penalties from our subscriber simply because once every few months an employee uses the firm’s van for work. Is HMRC right or just trying it on?
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CARS - 12.12.2023
New advisory fuel rates for company cars
Changed rates . HMRC has updated its advisory fuel rates (AFRs) for the reimbursement of fuel costs, relating to company cars paid by employers or employees where one pays for fuel that’s properly an expense of the other. The new rates apply from 1 December 2023 but the old rates (shown in brackets below) can be used until 31 December 2023. Tip....
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