Tax E-News June 2023
Welcome to the June edition of Tax E-News. We hope that you find this informative. Please contact us if you wish to discuss any matters in more detail.
Below we set out some of the main points.
2022/23 EMPLOYMENT-RELATED SECURITIES RETURNS DUE BY 6 JULY
The deadline for reporting shares and securities and share options issued to employees for 2022/23 is 6 July 2023. This is the same as the deadline for reporting expenses and benefits provided to employees on form P11d for 2022/23.HMRC OFFICIAL RATE OF INTEREST ONLY 2.25%
HMRC have announced that the official rate of interest will increase from 2% to 2.25% on 6 April 2023. The official rate of interest is used to calculate the income tax charge on the benefit of employment related loans…- SHOULD DIRECTOR/SHAREHOLDERS TAX ADVANTAGE OF THIS LOWER RATE?
The HMRC rate of interest on beneficial loans looks very attractive compared to the Bank of England Base rate of 4.5% and much higher rates charged by banks for unsecured loans. - SHOULD EMPLOYEES REIMBURSE THEIR EMPLOYER FOR PRIVATE FUEL?
HMRC advisory fuel rates apply from 1 June 2023. These are published quarterly these days due to the volatility in petrol and diesel prices in recent years. Where the employer provides an employee with a company car … - ADVISORY FUEL RATE FOR COMPANY CARS
These are suggested reimbursement rates for employees’ private mileage using their company car. Where the employer does not pay for any fuel for the company car these are the amounts that can be reimbursed … - USE OF HMRC ADVISORY RATES FOR VAT PURPOSES
Where employers reimburse their employees for using their own cars for business journeys the tax–free reimbursement rate continues to be 45p for the first 10,000 business miles and 25p a mile thereafter… - DIARY OF MAIN TAX EVENTS
JUNE/ JULY 2023