Advisory Fuel Rates (AFRs) are the rates recommended by HMRC to assist businesses either in reimbursing employees for using company cars for business travel or in being reimbursed back by employees for fuel costs for private travel when using a company car. The HMRC fuel rates that have applied since 1 September 2021 are: Engine SizePetrol - amount per mileLPG ...read more
Taxpayers are being warned about the latest scam email to target them, which takes advantage of the deadline at the end of this month for the 2015-16 Self Assessment tax returns to try and trick taxpayers into thinking they’re due a tax rebate. The email – titled “#Refund Payment Confirmation Number” and an 11-digit number – tells customers that “we ...read more
'My yacht caught fire', 'a wasp attacked me', and 'my dog ate it and all the reminders' feature in a list of the worst excuses for a late tax return that HMRC received this year. Each year, they release this list to highlight the 31 January deadline for filing 2015-16 personal tax returns. However, it makes for interesting reading on ...read more
Since 2006, dentists have been able to incorporate their businesses, and many have chosen to do so because of the benefits it can provide. However, some dentists discovered that the contracts they had with their local NHS trust could not be transferred to the newly created company. One solution to this problem is to continue to run both the old ...read more
A tax tribunal judge has accepted a company’s reason for late payment of VAT liabilities as due to ‘factors flowing from the recession’. Scrimsign Micro-Electronics Ltd received three surcharge notices from HMRC for failing to pay their VAT bills on time. Despite the managing director appealing to HMRC that the company was suffering from financial difficulties attributable to the economic climate, ...read more
In recent weeks, we have received a number of queries in relation to letters received from HMRC asking about undeclared rental income. If you are renting a property, and have not told HMRC, then you may soon be the recipient of one of these letters. HMRC are combing through land registry records, and comparing the data to that requested from estate ...read more
News just in: HMRC have announced this week that income received from Bitcoin mining activities will be outside the scope of VAT. As a result, any charges made with regards to Bitcoin transactions or exchange for different currencies will be exempt from UK VAT (similar to bank ...read more
The criminals are getting more sophisticated. Whereas previously, scammers attempting to get your personal information used the “Nigerian prince” email, more recently we have had reports from local accountants of people receiving emails purporting to be from HMRC, saying they are eligible for a tax rebate. As mentioned previously, ...read more
Dealing with HMRC brings out strong emotions in the vast majority of people – and frustration, annoyance, stress and anger tend to be at the top of the list. Some of these reactions are understandable – after all, this bureaucratic behemoth is responsible for taking our hard-earned money in the form of taxes and NI payments. However, a continued decline in customer ...read more
