May / June 2018 Issue NO. 6
Newsletter by Avencia
Welcome to our May/June edition!
It has continued to be fairly quiet in terms of changes within legislation. With Brexit being at the forefront of the government’s priorities, everything else has been pushed to one side. They have announced further delays with the Making Tax Digital system for income tax and other small points such as the delay in abolishing Class 2 NICs. The next major news will come with the Autumn budget at the end of this year but I expect this to be relatively uneventful, as it was in 2017!
P11D deadline approaching
The P11D submission deadline is looming! Forms must be submitted by 6th July and payment must reach HMRC by 22nd July. We will be advising you of this if this is applicable to your business.
HMRC delays MTD for individuals
HMRC have announced that some aspects of Making Tax Digital will now be delayed. The introduction of MTD for VAT on 6th April 2019 will still be going ahead as planned, however the planned implementation of MTD reporting for income tax on 6th April 2020, has been postponed.
Benefit exemption for workplace vehicle charging points
Due to the increased popularity of electric and plug-in hybrid vehicles, HMRC are consulting to introduce a tax exemption on workplace charging facilities, to which its effect will be made retrospective to 6th April 2018.
Tax refund scam
HMRC are warning taxpayers to stay wary of emails and SMS messaging claiming that you are due a tax rebate. Scam messages are usually at its peak after the end of the tax year, so it’s important to stay aware and remember that HMRC will never notify you of tax rebates by email or text message. Genuine HMRC communication can be viewed here.
Latest advisory fuel rates
The latest advisory fuel rates have been released by HMRC and apply from 1st June. You can use these to calculate the VAT reclaim on mileage or if you are claiming for business mileage paid for personally, whilst using a car owned by the business.