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Advisory Fuel Rates on Company Cars

Published guidelines are issued by HMRC with the aim being to save time for all concerned by setting out figures which they reckon can be used in the majority of cases

They are only advisory, and can apply where the employer reimburses the employee for fuel for business travel in a company car or where the employer requires the employee to repay the cost of fuel for private travel in a company car.

Outsourcing

In the current economic climate, many small and medium sized businesses face the same challenge – they want to expand, but their current level of turnover means that they may not be able to afford to take on personnel with the right qualifications to drive the business forward. As a result, many firms have decided to buy in these skills through outsourcing.

Advisory Fuel Rates for Company Cars

Published guidelines are issued by HMRC. The stated aim is to save time for all concerned by setting out figures which they reckon can be used in the majority of cases.


They are only advisory, and can apply where the employer reimburses the employee for fuel for business travel in a company car or where the employer requires the employee to repay the cost of fuel for private travel in a company car.

Paternity Pay and Flexible Working Changes

As you are probably aware Statutory Paternity Pay / Leave is available to employees for up to 2 weeks. Please note this leave can only be taken as complete weeks and not as odd days spread over a number of weeks.

VAT Reclaimable on Mileage Claims

Due to the increase in the cost of fuel as well as the increase in the VAT rate HMRC have published variable rates to calculate the amount of VAT to be reclaimed per mile on the mileage claims.

Rather than simply claiming VAT of 2 pence per mile on each mile claimed the advisory fuel rates published by HMRC should now be used.

You will need to know if the car is petrol, diesel or LPG and the engine size.


The amount of VAT to be reclaimed per mile is as follows-

End of Tax Year planning actions

We are ready to advise on all tax planning possibilities by reference to your specific circumstances, with plenty of opportunities to save tax either by taking action by 5 April or indeed delaying until the new tax year.

Areas worth considering include:

Penalties for Late Filing of your Income Tax Return

New late filing and late payment penalties will apply from 6 April 2011 (in relation to tax years ending after 5 April 2010) for personal, trust and partnership returns.

The existing rule that the late filing penalty is the lower of £100 and the balance due will be replaced.  That is hardly a surprise, but the good news is that the level of the basic £100 penalty remains.

The penalties for late filing will include:

A More Efficiently Run Office for the New Year

As we move towards the Spring of 2011 and the brighter weather, many firms are looking at improving the way they do business. Here are some steps which may help boost productivity levels in your office this year.

Get your team to think Creatively and Develop new Marketing Ideas

One of the biggest challenges faced by managers today is getting ideas from their team. A successful leader is one who can motivate their team to think and produce ideas that can be implemented in the firm. The team are often well placed to come up with new and innovative marketing ideas – after all they are more familiar with your products and services than anybody else! Here are some approaches to help you to get your team feeding into your marketing strategy.

Furnished Holiday Lets

We mentioned the new restrictions in the September 2010 edition of our Tax Newsletter, and now it has been decided to delay most of them until 6 April 2012 instead of introducing them from 6 April 2011.

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