HMRC now require more information to be provided by tax payers
Welcome to today’s blog post – read on to find out more about draft legislation regarding information to be provided to HMRC, HMRC’s latest advisory fuel rates which took effect on 1st September, plus key dates for tax related events due this September and October. If you have any queries, as always please feel free to contact Mark.
HMRC TO REQUIRE MORE INFORMATION TO BE PROVIDED BY TAXPAYERS
Draft legislation released for consultation on 18 July indicates that business and individual taxpayers will be required to provide more information to HMRC in the next few years.
It is proposed that from 2025/26, employers will be required to provide more detailed information on employee hours worked via real time information (RTI) PAYE reporting. The information to be reported will be set out in separate regulations.
From 2025/26 shareholders in owner-managed businesses will also be required to provide additional information via their self- assessment tax returns. These shareholders will be required to disclose the amount of dividends received from their own companies separately from other dividend income, as well as the percentage shareholding that they hold in their own companies.
Self-employed individuals will be required to provide information on the start and end dates of their businesses via their self-assessment returns.
ADVISORY FUEL RATE FOR COMPANY CARS
The table below sets out the HMRC advisory fuel rates from 1 September 2023. These are the 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 in respect of business journeys without the amount being taxable on the employee.
| Engine Size | Petrol | Diesel | LPG |
| 1400cc or less | 13p | 10p | |
| 1600cc or less | 12p | ||
| 1401cc to 2000cc | 16p (15p) | 12p | |
| 1601 to 2000cc | 14p | ||
| Over 2000cc | 25p (23p) | 19p (18p) | 19p (18p) |
Where there has been a change the previous rate is shown in brackets.
You can also continue to use the previous rates for up to 1 month from the date the new rates apply.
Note that for hybrid cars you must use the petrol or diesel rate. For fully electric vehicles the rate is 10p (9p) per mile.
DIARY OF MAIN TAX EVENTS
SEPTEMBER/OCTOBER 2023
| Date | What’s Due |
| 1 September | Corporation tax for year to 30/11/22 unless paid by quarterly instalments. |
| 19 September | PAYE & NIC deductions, and CIS return and tax, for month to 5/9/23 (due 22 September if you pay electronically). |
| 1 October | Corporation tax for year to 31/12/22 unless paid by quarterly instalments. |
| 5 October | Deadline for notifying HMRC of chargeability for 2022/23 if not within Self-Assessment and receive income or gains on which tax is due. |
| 19 October | PAYE & NIC deductions, and CIS return and tax, for month to 5/10/23 (due 22 October if you pay electronically). |