×

HOW TO BECOME A CLIENT

1 EMAIL OR CALL US.
2 ARRANGE MEETING.
3 BECOME A CLIENT

If you have any problems, please let us know, by sending an email to info@rmiaccountancy.com. Thank you!

OFFICE HOURS

Mon-Fri 10:00AM - 5:00PM
Saturday by appointment only!

SIGN IN YOUR ACCOUNT TO HAVE ACCESS TO DIFFERENT FEATURES

FORGOT YOUR PASSWORD?

FORGOT YOUR DETAILS?

AAH, WAIT, I REMEMBER NOW!
QUESTIONS? CALL: 0161 9137 958
  • LOGIN
  • SUPPORT

RMI Accountancy

RMI Accountancy

City firm of financial and forensic accountants

T 0161 4137 958
Email: info@rmiaccountancy.com

RMI Accountancy
Blue Tower, Media City, Manchester, M50 2ST

Open in Google Maps
  • HOME PAGE
  • ABOUT US
    • ABOUT US
    • Our Team
    • Our Testimonials and Reviews
  • SERVICES
    • FORENSIC ACCOUNTING
      • Forensic Accounting
      • Forensic Investigation
      • Fraud Risk Assessment
      • Fraud Prevention Plan
      • Forensic Audit
      • Forensic Services Guarantee
      • Forensic Accounting – Posts
    • Accounting Solution
      • Accounting
      • Contractor and Freelancers
      • Tax Planning
      • Payroll
      • Business Growth Analysis
      • Book-Keeping
      • Company Formation
      • Guidance for businesses
    • Media & Celebrities
      • Accountancy for TV, Film, Sports & Media
      • Trusted and Reliable Accountancy Services for Media Clients
      • Wealth Management
      • Property Tax Planning
    • Specialist Accounting Solutions
      • Dental Practices
      • Optical and Pharmaceutical Practices
      • General Medical Practices
  • CASE STUDIES
    • A Success Story
    • Case Studies
    • The Path to Success – Becoming a Client
    • Tax updatesTax updates
    • BLOG & STORIES
  • LIBRARY
  • CONTACT
FREECONSULTATION
  • Home
  • Fuel Rates
  • Archive from category "Fuel Rates"
February 8, 2023

Category: Fuel Rates

Treasury collects £4m extra a day in fuel VAT

Wednesday, 16 March 2022 by admin@rmiaccountancy.com

Since the beginning of 2022, the Treasury has collected nearly £4m extra a day in fuel VAT due to the increasing price of petrol which totals an extra £270m so far this year

The data, compiled by former Office National Statistics (ONS) statistician Jamie Jenkin and provided by RAC, shows that as the average price of petrol has increased to 161.06p per litre since the beginning of 2022.

Jenkin highlighted in a Twitter thread that over half of what is paid at petrol pumps goes to the UK government in tax with 57.98p being fixed for every litre and 20% of the setting price being taken in VAT. If this price goes up by 10p then the government gets an additional 2p.

Jenkin stated that due to the fact that petrol prices have increased by 14p since the beginning of January and that 133m litres of petrol are purchased each day, the current fixed rate and VAT means that the Treasury is estimated to be taking at least an extra £3.7m each day. This means that over the 73 days so far this year, the Treasury has brought in an extra £270m in VAT from fuel.

According to data released by the Department for Business, Energy, and Industrial Strategy (BEIS) shows that the increase between 28 February and 7 March was the sharpest in 18 years, with the average price of a litre of petrol rising from 149.2p to 153.0p, the average diesel price rose from 153.4p to 158.6p.

With the ongoing crisis in Ukraine, the cost of fuel is expected to continue to rise significantly over the coming few weeks.

Jenkins told Accountancy Daily: ‘As fuel prices rise, the Treasury receives an extra £3.7m a day since the beginning of January.

‘The VAT take for fuel is rising and with the added cost for families, this is an area where the Chancellor could temporarily cut back next week. There are a few areas he can also look to help out families with the cost of living.

‘A temporary cut in fuel duty, or a suspension of the green levy on household energy bills would be a welcome boost with costs soaring. With extra money coming in through VAT on these increased fuel bills, he has some room for manoeuvre.’

Many are urging Rishi Sunak to act on the increased cost of living in next week’s Spring Statement, with the RAC calling on the Chancellor to cut VAT on fuel and to reduce fuel duty.

A spokesperson from the RAC said: ‘Prices at the pumps have been breaking records on a daily basis and to make matters worse the price increases have been seriously steep recently. We believe the Chancellor must take immediate action by cutting VAT on fuel to at least 15% to give drivers some instant respite and to protect them from future increases.

‘The Chancellor could also temporarily reduce fuel duty, which is currently levied at 58p per litre, reducing this would help both businesses and consumers.’

Last week, the RAC promoted a petition which has gathered increased momentum due to the impact the Russian invasion of Ukraine has had on the price of fuel.

According to the petition: ‘The government should reduce the cost of fuel through a reduction of 40% in fuel duty and VAT for two years. This can effectively offset the rise in fuel prices since 2020.

‘We believe people may understand to a degree the need for tax following the pandemic however prices of £1.50 or more per litre will cancel out any understanding. The government has the ability to sacrifice some revenue to appease the British public.’

Read more
  • Published in Fuel Rates, VAT
No Comments

Advisory fuel rates for company cars

Monday, 21 December 2020 by admin

New company car advisory fuel rates have been published and took effect from 1 December 2020.

The guidance states: ‘You can use the previous rates for up to one month from the date the new rates apply’. The rates only apply to employees using a company car.

The advisory fuel rates for journeys undertaken on or after 1 December 2020 are:

Engine sizePetrol
1400cc or less10p
1401cc – 2000cc11p
Over 2000cc17p
Engine sizeLPG
1400cc or less7p
1401cc – 2000cc8p
Over 2000cc12p
Engine sizeDiesel
1600cc or less8p
1601cc – 2000cc10p
Over 2000cc12p

HMRC guidance states that the rates only apply when you either:

  • reimburse employees for business travel in their company cars
  • require employees to repay the cost of fuel used for private travel

You must not use these rates in any other circumstances.

The Advisory Electricity Rate for fully electric cars is 4 pence per mile. Electricity is not a fuel for car fuel benefit purposes.

If you would like to discuss your car policy, please contact us.

Internet link: GOV.UK AFR

Different types of progestin vary in how androgenic they are. vgrmalaysia.net Other progestins do not act in this way and may help those who experience acne or excess hair growth.

AdvisoryRates
Read more
  • Published in Fuel Rates
No Comments

Advisory fuel rates for company cars

Tuesday, 15 September 2020 by admin

New company car advisory fuel rates have been published which take effect from 1 September 2020. The rates only apply to employees using a company car. The guidance states:

‘You can use the previous rates for up to one month from the date the new rates apply.’ 

The advisory fuel rates for journeys undertaken on or after 1 September 2020 are:

Engine sizePetrol
1400cc or less10p
1401cc – 2000cc12p
Over 2000cc17p
Engine sizeLPG
1400cc or less7p
1401cc – 2000cc8p
Over 2000cc12p
Engine sizeDiesel
1600cc or less8p
1601cc – 2000cc10p
Over 2000cc12p

HMRC guidance states that the rates only apply when you either:

  • reimburse employees for business travel in their company cars or
  • require employees to repay the cost of fuel used for private travel.

You must not use these rates in any other circumstances.

The Advisory Electricity Rate for fully electric cars is 4 pence per mile. Electricity is not a fuel for car fuel benefit purposes.

If you would like to discuss your car policy, please contact us.

Internet link: GOV.UK AFR

fuel
Read more
  • Published in Fuel Rates
No Comments

Recent Posts

  • HMRC raises late payment interest from 21 February

    HMRC will raise interest rates on tax debt to 6...
  • Former chancellor owes HMRC £3.7m in unpaid tax

    Nadhim Zahawi has agreed to pay millions of pou...
  • Inflation falls slightly to 10.5%

    The rate of inflation was down fractionally to ...
  • VAT penalties change from 1 January

    HMRC’s new penalty regime for late filing and l...
  • Rules on flexible working set for overhaul

    Millions of workers will be able to request fle...

Recent Comments

    Archives

    • February 2023
    • January 2023
    • December 2022
    • November 2022
    • October 2022
    • September 2022
    • August 2022
    • July 2022
    • June 2022
    • May 2022
    • April 2022
    • March 2022
    • February 2022
    • January 2022
    • December 2021
    • November 2021
    • October 2021
    • September 2021
    • August 2021
    • July 2021
    • June 2021
    • May 2021
    • April 2021
    • March 2021
    • February 2021
    • January 2021
    • December 2020
    • November 2020
    • October 2020
    • September 2020
    • August 2020
    • July 2020
    • June 2020
    • May 2020
    • April 2020
    • December 2018
    • November 2018
    • January 2018
    • November 2015
    • August 2015

    Categories

    • Accounts
    • Annual Investment Allowance
    • Bounce back loan
    • Brexit
    • Budget
    • Budget 2021
    • Business grants
    • Business Rates
    • Business Support Finder Tool
    • Capital gains tax
    • Carer's Leave
    • Corporation Tax
    • Covid booster programme
    • Covid Restrictions
    • Eat Out to Help Out
    • Employment
    • Filing Deadlines
    • Flexible working
    • Fuel Rates
    • Furlough scheme
    • HMRC
    • Home Working Tax Relief
    • Inflation
    • Inheritance Tax
    • Interest Rates
    • IR35
    • Job Retention Scheme
    • Job Support Scheme
    • Kickstart Scheme
    • Making Tax Digital
    • Mobile
    • National Insurance
    • National Wage Rates
    • Networking
    • PAYE
    • Pension
    • Recovery Loan Scheme
    • Research & Development
    • Self Assessment
    • self employed scheme
    • Stamp Duty
    • Statutory Sick Pay (SSP)
    • Tax Credits
    • Tax Fraud
    • Tax Investigation
    • Tax Relief
    • Tax return
    • Technology
    • Uncategorized
    • VAT
    • Virtual Accountancy Services
    • Working Tax Credit

    Meta

    • Log in
    • Entries feed
    • Comments feed
    • WordPress.org

    Featured Posts

    • HMRC raises late payment interest from 21 February

      0 comments
    • Former chancellor owes HMRC £3.7m in unpaid tax

      0 comments
    • Inflation falls slightly to 10.5%

      0 comments
    • VAT penalties change from 1 January

      0 comments
    • Rules on flexible working set for overhaul

      0 comments

    GET A FREE QUOTE

    Please fill this for and we'll get back to you as soon as possible!

    FOOTER MENU

    • About us
    • Our Team
    • Forensic Accounting
    • Tax Planning
    • TV, Film, Sport and Media
    • Wealth Management
    • Case Studies
    • Advisory
    • Contact Us

    NEWSLETTER SIGNUP

    By subscribing to our mailing list you will always be update with the latest news from us.

    We never spam!

    GET IN TOUCH

    T (0161) 4137958
    Email: info@rmiaccountancy.com

    RMI Accountancy
    Blue Tower, Media City, Manchester, M50 2ST

    Open in Google Maps

    © 2019-2020. All rights reserved. Web Design - by Web & Print Media

    TOP
    Skip to toolbar
    • About WordPress
      • WordPress.org
      • Documentation
      • Support
      • Feedback
    • Log In