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Our Tax App has been updated to work directly from the internet instead of the App Stores. Go to the "Resources" menu on our website and select Tax App. You will then be able to save a shortcut to the home screen of your phone or tablet.
If you have the old version of our app this should be deleted from your device as this will no longer be updated and will be removed from the App Stores. New company car advisory fuel rates have been published which take effect from 1 June 2018. The guidance states: ‘You can use the previous rates for up to one month from the date the new rates apply’. The rates only apply to employees using a company car.
The advisory fuel rates for journeys undertaken on or after 1 June 2018 are: The forms P11D which report details of benefits and some expenses provided to employees and directors for the year ended 5 April 2018, are due for submission to HMRC by 6 July 2018. The process of gathering the necessary information can take some time, so it is important that this process is not left to the last minute.
HMRC have issued details of the updated VAT fuel scale charges which apply from the beginning of the next prescribed VAT accounting period starting on or after 1 May 2018.
VAT registered businesses use the fuel scale charges to account for VAT on private use of road fuel purchased by the business. Please do get in touch for further advice on this or other VAT matters. Internet link: GOV.UK fuel scale charges The Enterprise Management Incentive (EMI) allows selected employees (often key to the employer) to be given the opportunity to acquire a significant number of shares in their employer through the issue of options. An EMI can offer significant tax advantages as the share option scheme allows options to be granted to employees which may allow the shares to be received without any tax bill arising until the shares are sold.
HMRC have warned that EMI share options granted in the period from 7 April 2018 until EU State Aid approval is received may not be eligible for the tax advantages presently afforded to option holders, and accordingly share options granted in that period as EMI share options may necessarily fall to be treated as non-tax advantaged employment-related securities options meaning that the options may be taxable when exercised. To read more, please visit the link below or contact us for specific advice. Internet link: GOV.UK EMI Bulletin The Government has stated that it will ensure that tax reliefs continue to work as they were intended as the new Scottish Income Tax rates and bands are introduced from 6 April 2018. The Government has confirmed:
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December 2018
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