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Tax News
2012 Budget Changes
This year’s budgetary changes that will affect P11D reporting for 2012/13 onwards.
Tax exemption for security enhanced cars
The cash equivalent for company cars that is declared on the P11D form is based on many factors, the prime one being the price for tax purposes. This price was capped at £80,000 in years prior to 2011/12.
Most company car drivers of low emission vehicles to pay more tax from 2012/13
Drivers of a low emissions company car could face tax increases of up to 60% as HMRC removes flat charge on low emission cars.
HMRC’s New Fuel Type A for company cars
From 6th April 2011 HMRC have introduced a new fuel type A. This encompasses the existing fuel types of petrol, hybrid, bi-fuel, bioethanol & converted bi-fuels.
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