Stockport based Hallidays’ June newswire provides information of the latest business and tax issues including new advisory fuel rates for company cars, guidance on the flat rate VAT scheme and a reminder that the P11d deadline is approaching.
Advisory fuel rates for company cars
New company car advisory fuel rates have been published which took effect from 1 June 2016.
VAT Flat Rate Scheme guidance updated
HMRC have issued updated guidance on the operation of the VAT Flat Rate Scheme which allows taxpayers to calculate the VAT payable by applying a flat rate percentage to their VAT inclusive turnover.
NAO report says HMRC’s customer service quality ‘collapsed’
According to a report by the National Audit Office (NAO) the quality of service at HMRC ‘collapsed’ over an 18 month period between 2014 and 2015.
HMRC update phishing scam advice
HMRC have updated their guidance to taxpayers on how to spot phishing scam emails.
HMRC urges claimants to renew tax credits online
HMRC are urging people to renew their tax credits claim well before the 31 July deadline.
P11D deadline approaching
The forms P11D, and where appropriate P9D, which report details of expenses and benefits provided to employees and directors for the year ended 5 April 2016, are due for submission to HMRC by 6 July 2016.
Savings allowance
A new savings allowance is available to basic and higher rate taxpayers for 2016/17.
HMRC warns of Self Assessment scams 
Inflation rose to 3.8% in July 
Vernon Building Society launches financial education campaign for 13-21 year olds