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Tax and Travel

Chancellor George Osborne presented his post-election Second Budget to the House of Commons in July, some of which affected business tax and travel.

VAT on Fuel for Private Use

Where businesses wish to reclaim the input VAT on fuel which has some degree of private use, they must account for output VAT for which they may use the flat rate valuation charge. You can work out your VAT fuel scale charge on the Gov.uk website.

Reforms to VED

All cars first registered before 1 April 2017 will remain in the current VED system, which will not change. For cars first registered from 1 April 2017 onwards the following reforms will be introduced:

  • First Year Rates will vary according to the CO2 emissions of the vehicle
  • a flat Standard Rate of £140 will apply in all subsequent years (except zero-emission cars for which the Standard Rate will be £0)
  • cars with a list price above £40,000 will attract a supplement of £310 for the first five years in which a Standard Rate is paid.

From 2020/21 revenues from VED will be used to create a new Roads Fund.

For more inforamtion contact us.

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