HMRC has identified an increasing risk of an error in the VAT returns for certain Franchised Dealerships, described as “Bumping”. HMRC are sending letters to some motor retailers that they believe are at risk from ‘Bumping’. Bumping is where there is a discrepancy between a vehicle sales invoice on the DMS system and the finance proposal one, which can lead to the underpayment of output VAT on … [Read more...]
Trickle charge your fleets to get ahead, business told
Businesses should “pick the lower hanging fruit first” when it comes to adoption of electric vehicles, FleetCheck is urging. The fleet management software company says that easy wins are important when it comes to starting the process of electrification. Peter Golding, managing director, said, “Fleets that are hanging back from starting to acquire EVs are quite often reticent because there are … [Read more...]
HMRC is out of step with modern cars, say fleets
The Association of Fleet Professionals and the BVRLA have jointly called upon Government to ensure that the Advisory Electricity Rate for electric vehicles is fit-for-purpose. The industry bodies share concerns that the current 4 pence per mile rate, which remains unchanged since 2018, is no longer reflective of real-world conditions, and have written to HMRC to make the following … [Read more...]
Newslines 1 December
The motorist and transport industry will pay the price for the Government’s support package for the UK in the Chancellor's Spring Budget, said Howard Cox, Founder of FairFuel UK. Fuel duties which have been frozen in recent years are likely to be substantially increased as HMRC has lost huge income and the Government wants to discourage motoring to save emissions and drive its green … [Read more...]
Car trade shake up from 1 January
Car trades between Wales, England and Scotland to Northern Ireland face a shake up at the end of December. The issue arises from the status of VAT margin schemes for goods moved between GB and NI from 1 January 2021. This will apply regardless of whether there is a free trade deal agreed between now and December 31. Margin schemes enable traders of used goods, such as vehicles, to pay VAT based … [Read more...]
Lockdown legalities for fleets & users
The handing back of company car and van keys or fobs to employers in order to avoid benefit-in-kind taxation during the coronavirus lockdown needs careful management, the Association of Fleet Professionals has warned. There remained both pertinent questions for HMRC around the issue and a range of potential practical problems to resolve, explained co-chair Caroline Sandall. She said, “During … [Read more...]
Car dealers warned over money laundering
Car dealers are likely to be facing questions and fines from HMRC if they fail to research big spending buyers. Failure to properly investigate the purchase of luxury cars can land them in serious trouble under money laundering and profits of crime laws, says analytics specialist Fortytwo Data. HMRC is concerned that not all dealers are carrying out necessary checks on buyers and supplying … [Read more...]