HMRC have published the updated rates for mileage claims on company cars that take effect from 1 March 2020.
You can use the previous rates for up to one month from the date the new rates apply. The advisory fuel rates per mile for journeys undertaken on or after 1 March 2020 are:
HMRC’s soft landing period for MTD comes to an end in March, so all VAT registered businesses should review the HMRC guidance to ensure they are fully compliant:
Contact us if you require any assistance.
The Financial Conduct Authority (FCA) has confirmed it will introduce new rules in April this year that it says will make the costs of overdrafts clearer and easier to compare.
The rules will mean banks can only charge for overdraft users a simple annual interest rate – without additional fees and charges.
HMRC has now published draft secondary legislation for the off-payroll working rules that are due to come into force in April this year.
The leaders of the UK and European Union signed the Withdrawal Agreement, and the UK left the EU on 31 January 2020. However the UK is now in the transition or implementation period during which time it is 'business as usual' as the UK is covered by EU rules until the end of the year. By 2021 the UK aims to have agreed a deal on future arrangements with the EU and the rest of the world.
Chancellor Sajid Javid has announced that he will deliver the 2020 Budget on Wednesday 11 March 2020. The 2020 Budget will be the first to be delivered after the UK's departure from the EU on 31 January 2020. It is also Mr Javid's first Budget as Chancellor, following the cancellation of last November's planned Budget due to the General Election.
Mr Javid said:
'People across the country have told us that they want change. We've listened and will now deliver.
'With this Budget we will unleash Britain's potential – uniting our great country, opening a new chapter for our economy and ushering in a decade of renewal.'
In the Budget announcement, the government said that it will prioritise the environment, and build on recent announcements to boost spending on public services and tackle the cost of living.
We will update you on Budget announcements.
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Minister for Public Finance and Digital Economy, Kate Forbes, delivered the 2020/21 Scottish Draft Budget on Thursday 6 February 2020, setting out the Scottish Government's financial and tax plans.
The current Scottish income tax rates and bands for 2019/20 and the proposed rates and bands for 2020/21 on non-savings and non-dividend income are as follows: