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HMRC have published the latest advisory fuel rates reflecting an upward trend in fuel prices. These rates are used when an employee has a company car and either wishes to reclaim business mileage from their employer, or an employer pays for fuel but needs to work out the private element to recover from the employee.
The updated rates apply from 1 December 2017 but businesses can continue to operate the previous rates for one month after the introduction.
A few headlines from the Chancellor's speech. Look out for our full budget update.
With the Chancellor’s first Autumn Budget due to be presented on 22 November, professional bodies and business groups are setting out their Budget wishlists. Recommendations include changes to Business Rates, a ‘Brexit ready’ Budget, incentives for business and an appeal for changes to the Apprenticeship Levy. The ICAEW is urging that the government give sufficient attention to Making Tax Digital to ensure a successful roll out and making the necessary changes to accommodate Brexit.
Meanwhile, the Federation of Small Businesses (FSB) has urged Philip Hammond to deliver a ‘Brexit-ready’ Budget, which rules out any new business tax increases and maintains investment incentives.
We will update you on pertinent announcements.
Internet links: CBI FSB ICAEW autumn budget
HMRC have changed the way in which they will assess some taxpayers removing the need for these individuals to complete a Self Assessment Tax Return. These changes took effect from September 2017.
The affected taxpayers fall into one of two categories: