Highlights from the broader tax news for the two weeks ending 8 June 2022, including: HMRC’s super deduction guidance; and the latest fuel advisory rates.
Super deduction guidance issued by HMRC
HMRC has published guidance on the capital allowances super deduction and special rate first-year allowance that covers:
HMRC has published the second quarterly advisory fuel rates for 2022. From 1 June 2002, the rates for petrol engines of 1400cc or less and LPG rates have increased by 1 penny. The rates for petrol engines from 1401cc to 2000cc and diesel engines of 1600cc or less have increased by 2p. The rates for petrol engines larger than 2000cc and diesel engines larger than 1600cc have increased by 3p. The rate for electric vehicles remains unchanged at 5p per mile. Employers can use previous rates for up to one month after the date the new rates apply.
This guidance is created by the Tax Faculty, recognised internationally as a leading authority and source of expertise on taxation. The Faculty is the voice of tax for ICAEW, responsible for all submissions to the tax authorities. Join the Faculty for expert guidance and support enabling you to provide the best advice on tax to your clients or business.