A new points-based system for late VAT returns starts for return periods commencing on or after 1 January 2023. A financial penalty will apply when a number of points have been accumulated, which will depend on how frequently the returns should be submitted. For a trader preparing quarterly returns a penalty will be charged when four points have been accumulated.
Advisory Fuel Rate For Company Cars
The table below sets out the HMRC advisory reimbursement rates for employees’ private mileage using their company car from 1 December 2022. Where full reimbursement is made there is no taxable fuel benefit. The rates for the previous quarter, if different, are in brackets.
| Engine Size | Petrol | Diesel | LPG |
| 1400cc or less | 14p (15p) | 10p (9p) | |
| 1600cc or less | 14p | ||
| 1401cc to 2000cc | 17p (18p) | 12p (11p) | |
| 1601 to 2000cc | 17p | ||
| Over 2000cc | 26p (27p) | 22p | 18p (17p) |
Note that for hybrid cars you must use the petrol or diesel rate and for fully electric cars the rate is now 8p per mile (previously 5p per mile)
You can continue to use the previous rates for up to 1 month from the date the new rates apply.
