Tax News

With senior accounting officers (SAOs) in mind, on Thursday 10th December at 12:15 GMT, Stephen Herring and Tony Spillet, Tax Partners from BDO, will explain exactly how the Chancellor’s Pre-Budget Report will affect your company and offer expert advice on how to handle the changes.

Chancellor Alistair Darling's Pre-Budget Report is one of the most important Pre-Budget Reports in living memory. Unlike the rest of the G20, the UK is the only country still stuck in recession after its economy contracted for the sixth straight quarter in November. With the projected fiscal deficits for 2009/10 and 2010/11 being revised upwards from £175bn, businesses are facing more attempts by the government to claw back cash.

How will the new changes affect your business? From corporation tax, VAT and stamp duty, the green agenda and employee issues, there are a lot of adjustments that need to be made. Companies must react quickly and sensibly or face being left behind by the competition.

To take part in the live web chat on 10 December 2009 at 12:15, or to submit a question in advance, see below.

HMRC have published new advisory fuel rates, which take effect from 1 December 2009.

The new rates are as follows:

After discussions with the relevant trade bodies, the month's notice previously given by HMRC has been withdrawn for this change.

Employers are not obliged to reimburse their employees for business fuel at these rates as long as they do not exceed them overall. Employers making or collecting payments at the superseded rate because they have not been able to change their systems in time may use their judgement on whether to make or require a second payment in respect of the same period in order to apply the new rate from its effective date. However, employers should note that under the normal rules, employees are only able to avoid the car fuel benefit charge if the amount they repay in respect of private fuel at least equals the amounts based on the rates as published.

For details of all current and previous rates, see the HMRC website at http://www.hmrc.gov.uk/cars/advisory_fuel_current.htm.