Tax Zone

Welcome to the Tax Zone. This area of the site is dedicated to keeping you updated on changes to tax legislation and its effects on financial planning. Here you will obtain detailed analysis on the budget, hints & tips and planning opportunities resulting from any changes made. This is intended to be a valuable resource for all our clients who wish to keep up-to-date and have a desire to take control of their financial affairs.

The Partnership always acts in the best interest of our clients. We work hard to ensure you receive the right advice and information enabling you to make the decisions that are best for you.

The content on this website is purely for information purposes only. Decisions should not be taken based solely on the content of the website and advice from a suitably qualified individual should be sought first.

HMRC fuel rates from 01 June 14

The HMRC advisory fuel rates have been amended for travel from the 01 June with full details available by clicking HERE.

If an employee is provided with a company car and the company pays the fuel, a fuel benefit arises which can be very costly to both employee and employer. Many businesses come to an agreement with their employees so that the business is reimbursed for fuel used by the employee for personal use (this includes travelling from home to place of work). This process avoids the fuel benefit charge for both parties.

HMRC advise the fuel cost the employees are to repay their employers based upon the size of the engine. These rates are updated regularly.

Please note that to ensure the fuel benefit is avoided, good records need to be kept which fully support any personal usage. We recommend that you keep a log of the mileometer recording all business and personal mileage the vehicle travel. A copy of our mileage log can be downloaded by clicking HERE.

Feel free to contact us if you have any questions or require any assistance.

P.S. Dont forget that a VAT regisitered business will need to adjust for any VAT claimed on the petrol cost.

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Tim's indepth understanding of our business enables him to give us the best practical advice.