Commentary

V7.452 Motoring and travel—planning points to consider

Part V7 Tax planning
Part V7 Tax planning | Commentary

V7.452 Motoring and travel—planning points to consider

Part V7 Tax planning | Commentary

V7.452 Motoring and travel—planning points to consider

The following planning points should be given consideration.

  1.  

    •     Be aware of the new scale charge rates effective for accounting periods beginning on or after 1 May 2015.

  2.  

    •     Consider whether it would be more profitable for a business to claim no input tax on road fuel and therefore avoid the need to account for scale charges.

  3.  

    •     Where input tax has been recovered in full but the fuel scale charge system is not used, the output tax must be calculated based on the open market value of the fuel supplied to employees

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to TolleyLibrary or register for a free trial