The following Value Added Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
The VAT fuel scale charge is a simplified method that can be used by a business that funds both business and private mileage costs for employees to account for any output tax due on the private use of the vehicle. The charge was introduced to alleviate the need for businesses to keep detailed mileage records in order to work out how much output VAT to account for on private use. If a business uses the fuel scale charge, then it should be able to recover all of the VAT incurred on the fuel purchased.
A business will need to use the fuel scale charge rates produced by HMRC in order to calculate the amount of VAT that needs to be declared on the VAT return for each car.
It should be noted that the business will need to know the CO2 emissions figure for the vehicle in order to determine the correct fuel scale charge that needs to be applied. If the vehicle was registered after 2001, the CO2 emissions figure will be shown on the vehicle registration document (VC5). Where the CO2 em
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‘Hold-over’ relief allows for the deferral of a gain that would otherwise arise in relation to a disposal. No capital gains tax (CGT) is due in respect of the disposal, but the base cost of the asset for the transferee for the purpose of a future disposal is reduced by an amount equal to the gain
Normal due dateSmall companies (including marginal relief companies) are required to pay all of their corporation tax ― nine months and one day ― after the end of the chargeable accounting period.For example, where a chargeable accounting period ends on 31 December 2018, the due and payable date for
What is structures and buildings allowance (SBA)?From 29 October 2018, expenditure on constructing a non-residential building or structure, or in certain cases, expenditure on acquiring such a building or structure, qualifies for an SBA. The following note has been updated for the changes announced
This guidance note provides an overview of what conditions need to be met before a business is entitled to treat VAT incurred as input tax. This note should be read in conjunction with the other notes in the ‘Claiming input tax’ subtopic. For a flowchart outlining the procedure for claiming input
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