Highlights from the broader tax news for the week ending 2 March 2022, including: advisory fuel rates; guidance on notifying uncertain tax treatments; and numbers still to file their self assessment returns.
Latest advisory fuel rates published
HMRC has published the first quarterly advisory fuel rates for 2022. The rates are used by organisations in calculating reimbursements for fuel costs and business travel in company cars. From 1 March, the only change in rates for petrol, diesel and LPG engines is a one penny decrease for LPG engines of 1400 cc or less. 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.
HMRC releases Uncertain Tax Treatments Manual
HMRC has published its Uncertain Tax Treatments by Large Businesses Manual, in advance of the introduction of the notification of uncertain tax treatments regime on 1 April 2022. ICAEW’s Tax Faculty has commented on earlier drafts of the manual and will review the final version in due course, liaising with HMRC where appropriate where it considers uncertainties remain concerning how large businesses should apply the regime. If you have any comments on the manual, please send them to email@example.com.
1.3m SA taxpayers did not file returns by 28 February
HM Revenue and Customs (HMRC) has revealed that more than one million taxpayers filed their late tax returns in February, but 1.3m are still to file. Read more.
More support on tax
ICAEW's Tax Faculty provides technical guidance and practical support on tax practice and policy. You can sign up to the Tax Faculty's free enewsletter (TAXwire) which provides weekly updates on developments in tax.Sign up for TAXwireJoin the Tax Faculty
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.