New company car advisory fuel rates have been published which take effect from 1 June 2017. 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.
Tax-Free Childcare, the new government scheme to help working parents with the cost of childcare launched at the end of April and is being rolled out to parents, starting with those parents with the youngest children first.
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 2017.
The forms P11D which report details of benefits and some expenses provided to employees and directors for the year ended 5 April 2017, are due for submission to HMRC by 6 July 2017.
HMRC have announced that from the end of May 2017 they will be using Real Time Information (RTI) to make adjustments to employee tax codes in-year as and when the need arises.
Read the latest issue of our Pay Less Tax Newsletter 2016 / 17 Winter Edition
‘Making Tax Digital’ (MTD) is a government initiative that sets out a vision for ‘a transformed tax system and the end of the tax return’ by 2020. Under the MTD scheme, HMRC is aiming to create a single ‘digital account’ for each taxpayer in order to unify their different taxes and make it easier for them to manage their tax affairs. Taxpayers will be able to log into their digital account in order to view all payments made and offset overpayments from one tax against underpayments in others.
HMRC has released its latest list of the most outlandish items which have been claimed as expenses.
The Lifetime Individual Savings Account (ISA) is a longer term tax-free account that receives a government bonus. The accounts will be available from 6 April 2017.