Here is some more “good” news in the run up to the general election next week…
Are you a business that provides private fuel for your employees? If so, you must apply the new VAT Fuel Scale Charges detailed below from the 1st May 2010.
This means any VAT period that starts on or after 1st May 2010.
These scale charges are a reduction of the input tax claimed on the fuel used for private motoring and work hand in hand with the P11D taxable benefit for private fuel provided to employees.
Yes – they have gone up again – substantially.
The new quarterly charges are (figures are inclusive of VAT):[private_basic]
|CO2 band||VAT fuel scale charge, 3 month period, £|
|120 or less||141.00|
|230 or more||496.00|
The above figures are for quarters (3 month periods). If you make annual or monthly VAT returns the figures can be found on the H M Revenue & Customs website here.
This is just another example of stealth taxes at work as these are a significant increase on the old new rates that came into force just 1 year ago (11.9% just on the lowest 120 or less band) – good old Gordon Brown – by the way, if a staunch labour supporter is labelled a bigot – what does he call the rest of us who don’t vote for him???