July • #06 ADVISORY FUEL RATE FOR COMPANY CARS Engine Size Petrol Diesel LPG 1400cc or less 11p 7p 1600cc or less 10p (9p) 1401cc to 2000cc 14p 9p (8p) 1601 to 2000cc 11p Over 2000cc 22p 13p 14p (13p) These are the suggested reimbursement rates for employees’ private...
July • #05 TRUST TAXATION We are still awaiting the promised consultation on the taxation of trusts announced in the Autumn 2017 Budget. However, in the meantime HMRC have updated their guidance on how different types of trust income are taxed, what management...
July • #03 WHAT IS THE 2019 LOAN CHARGE? This is a tax charge on any outstanding loans that exist as a result of a disguised remuneration tax avoidance scheme. It applies to any loans that were taken out under a disguised remuneration scheme since 6 April 1999. The...
July • #02 NOTIFY HMRC OF EBT AND SIMILAR LOANS BY 30 SEPTEMBER HMRC have published revised guidance on settling tax liabilities in relation to the use of disguised remuneration schemes involving Employee Benefit Trusts (EBTs) and similar arrangements. In order to...
July • #01 NEW VAT RULES FOR BUILDING TRADE IN 2019 Under new rules due to come in on 1 October 2019 builders, sub- contractors and other trades associated with the construction industry will have to start using a new method of accounting for VAT. The measure is...
