HMRC have published a revised table of advisory fuel rates to be used by employers reimbursing employees for business travel in their company cars.
New schemes that purport to avoid tax and NICs and ‘get around’ the new disguised remuneration rules will be challenged, HMRC said in a new ‘Spotlights’ item.
More than 200 pages of draft guidance on the ‘disguised remuneration’ rules in FA 2011 were published last week. HMRC said the draft was not being published as part of a formal consultation process, but any urgent comments may be emailed to HMRC by 2 September.
Employers will need to account for VAT on the salary foregone by employees in return for vouchers or goods and services – including bicycles provided under the Cycle to Work Scheme – from January 2012.
The Registered Pension Schemes (Provision of Information) (Amendment) (No.2) Regulations, SI 2011/1797, make amendments to SI 2006/567 to reflect FA 2011 changes to the pensions tax regime.
HMRC have published a third version of their FAQs on the ‘disguised remuneration’ legislation in Schedule 2 to the Finance Bill, replacing those published in March.