HMRC has updated its advisory fuel rates tables. The new rates apply from 1 December 2022. There are tables for the advisory fuel rates from 1 December 2014 on the Advisory Fuel Rates for VAT recovery page on this site. The advisory electricity rate for fully electric cars increases to 8 pence per mile. Beware as HMRC has been reviewing its policy on the recovery of input … [Read more...] about Advisory Fuel Rates from 1 December 2022
Advisory Fuel Rates from 1 September 2022
HMRC has updated its advisory fuel rates tables. The new rates apply from 1 September 2022. There are tables for the advisory fuel rates from 1 June 2020 on HMRC’s website. The advisory electricity rate for fully electric cars is still 5 pence per mile. Beware as HMRC has been reviewing its policy on the recovery of input tax on the cost of charging electric cars, which … [Read more...] about Advisory Fuel Rates from 1 September 2022
Official interest rates
HMRC has updated its table of interest rates that will be charged on unpaid VAT, and on repayments where there has been an "official error". I have put a copy of the table in the Useful VAT information pages on this website. You can see it on the Official interest rates page of this site. … [Read more...] about Official interest rates
Advisory Fuel Rates from 1 June 2022
HMRC has updated its advisory fuel rates tables. The new rates apply from 1 June 2022. There are tables for the advisory fuel rates from 1 June 2020 on HMRC’s website. The advisory electricity rate for fully electric cars is still 5 pence per mile. Beware as HMRC has been reviewing its policy on the recovery of input tax on the cost of charging electric cars, which appears … [Read more...] about Advisory Fuel Rates from 1 June 2022
New VAT Penalties
New VAT Penalties At the start of 2023 a new VAT penalty régime will come into effect. The new régime will replace the default surcharge scheme. Late submission of your VAT return This penalty applies to return periods starting after 31 December 2022. Under the new régime a point will be "earned" each time you submit your business's VAT return late.. The length of VAT … [Read more...] about New VAT Penalties