Monthly Archives: April 2019

Changes to Fuel Scale Charges

By | Blog | No Comments

Drummond Laurie Chartered AccountantsWhere a business vehicle is used privately and VAT is reclaimed on all road fuel, it is important that the appropriate Fuel Scale Charge is applied. The Fuel Scale Charge ensures a standardised VAT add back and is based on the CO2 emissions of the vehicle. Applying a Fuel Scale Charge makes things simpler, as you don’t need to maintain detailed mileage records.

From the 1st May 2019 the Fuel Scale Charge rates will change and the new rates can be found HERE

These new rates should be applied to VAT returns commencing on or after the 1st May 2019.

The Fuel Scale Charge is entered on your VAT return as follows:

  • Box 1 – VAT element
  • Box 6 – net element

Depending on your mileage the Fuel Scale Charge may exceed the VAT you wish to reclaim and a business may therefore decide not to reclaim any VAT on road fuel.

At Drummond Laurie we are always here to help and if you would like to know more about the VAT or other services we offer, please do not hesitate to get in touch.

End of Tax Year

By | Blog | No Comments

Drummond Laurie Chartered AccountantsToday, 5th of April 2019, marks the end of the 2018/19 tax year.

Over the coming weeks/months you will likely receive important end of year tax documents, such as P60s, P11ds, dividend summaries and annual interest certificates. For those required to submit a self-assessment tax return for the 2018/19 tax year it is important that you keep these safe, to allow your return to be prepared.

We always encourage early preparation of tax returns to allow tax bills to be known as early as possible and help clients manage their cash flow. So don’t delay in handing your tax information into your adviser or in preparing it yourself!

At Drummond Laurie we are always here to help and if you would like to know more about the tax or other services we offer, please do not hesitate to get in touch.

Let's Get Started: Contact Us