Tax Card 2022/2023
Posted on 29th April 2022 at 13:22
Following the Chancellors Spring Statement, we have summarised the key rates & allowances, fundamental to both business and as individuals.
Our GM&Co Tax Rate Card provides all the essential facts, with examples of how they can be used and we are sure you will find them a useful point of reference to refer to all year round.
Company Cars
HMRC has updated its advisory fuel rates for Company cars, the rate at which employers can pay employees without triggering any tax or NI consequences (based on a quarterly basis).
Whilst the new rates do not come close to reflecting the current fuel prices at the pump, there is scope for consideration to pay employees with a Company car a more realistic rate.
Employers being entitled to pay employees a fuel rate in order to reimburse for business mileage, can opt to pay above HMRC’s advisory fuel rates and still not trigger any tax or NI consequences.
Bespoke Rate Calculation
By working out a 'bespoke fuel rate' based on actual prices, then divide the 'per gallon' price paid by the car’s miles per gallon figure (MPG). *Evidence of the calculation and receipts will need to be recorded and kept.
* This content is published for information purposes only (per the date of publication). Professional advice and a review of legislation should be sought before taking action. *
Please contact us for professional advice and guidance:
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