HMRC has updated its advisory fuel rates tables. The new rates apply from 1 December 2020. There are tables for the advisory fuel rates from 1 March 2019. Although HMRC says “These rates only apply to employees using a company car.” it seems reasonable to use them to calculate the VAT recoverable where mileage rates are paid. Indeed, in HMRC’s internal guidance on VAT Input … [Read more...] about Advisory Fuel Rates from 1 December 2020
motoring
Recently update VAT Notices (March 2014)
Recent updates to VAT Notices There have been a number of VAT Notices updated in the past few weeks. These include: Imports Motoring Expenses Food Should I be registered for VAT? and Education and Vocational Training Below is a brief note about the update and where to find the updated notice. The links provided will take you to the notice on the HMRC website. … [Read more...] about Recently update VAT Notices (March 2014)
Fuel Scale charge changes from 1 May 2011
I have added the latest table, as published in the Budget 2011 papers, to the site. Fuel Scale Charge from 1 May 2011 … [Read more...] about Fuel Scale charge changes from 1 May 2011
Notes on VAT for the newly registered business – Part 3
Notes on VAT for the newly registered business This is, as the title suggests, the third in this series of posts intended to help the newly VAT registered business. Last time we looked at some basic VAT accounting points. We continue today with more of the same. Cars You have never been allowed to recover VAT on cars bought for your business use. A VAT inspector will … [Read more...] about Notes on VAT for the newly registered business – Part 3
17 and a half things you need to know about VAT – Part 3
17 and a half things you need to know about VAT - Part 3 This is the third and final part of this short series. I’d love to have your comments on any of these points. 14. Correcting mistakes Made a mistake? Better put it right. You can only correct errors going back four years. If your error is larger than the limit allowed for doing it on your VAT return, you will have to … [Read more...] about 17 and a half things you need to know about VAT – Part 3