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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TRAVEL - 30.04.2024
The latest on home-to-work travel
HMRC has changed its guidance on home-to-work travel costs where an employee’s home is their workplace. How might this affect your right to tax relief?
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EXPENSES - 05.03.2024
Overseas business trip with the family - is it taxable?
Our subscriber is making an overseas trip for business and is taking her spouse and two children so they can holiday while she’s working. Her question is, can she put the expense through her company and if so are there any tax considerations?
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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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