Tax news in brief
2 December 2020: Highlights from the broader tax news this week includes: free webinar for SMEs on EU data protection, HMRC to accept late elections to spread disguised remuneration loan balances, latest advisory fuel rates published and the repeal of VAT (Treatment of Transactions) Order 1992.
Free webinar for SMEs on EU data protection
The UK’s Information Commissioner’s Office is hosting a free webinar to support small and medium sized businesses to understand EU data protection requirements after the transition period. The webinar is broadcasting at 10:30 on 3 December 2020. Find out more and register.
Late elections to spread disguised remuneration loan balance
Individuals with a disguised remuneration loan were offered the option to spread their balance over three tax years if they completed an election by 30 September. HMRC has confirmed that it will now accept elections made up to 31 December 2020. To do so the taxpayer must complete a loan charge reporting form. Find out more.
VAT (Treatment of Transactions) Order 1992 to be repealed
The government is to repeal the VAT (Treatment of Transactions) Order 1992 before autumn 2021. The move aims to prevent government departments and NHS bodies claiming full VAT refunds on vehicles provided to employees under salary sacrifice arrangements. Find out more.
Quarterly advisory fuel rates published
HMRC has published the December 2020 advisory fuel rates for organisations to use in calculating reimbursements for fuel costs and business travel in company cars. The 1 December rates saw only one change from the previous quarter – rates for petrol engines 1401cc to 2000cc reduced to 11 pence per mile from 12 pence. Companies can use previous rates for up to one month after the date the new rates apply.