Information on Company EV Car Charging
Sally studio

Some of you may have noticed an attempt of Spring in the air these last few days.  Between the raindrops, there is sight of the sunshine and even some colour on the trees.

We welcome in the spring with  numerous team birthdays . Nearly 60% of the team have a birthday in March and April.  Another 25% fall in late August, early September and we like to celebrate each and every one of them.   That is a lot of cake to be eaten in a short space of time, but needs must!

Once the birthdays are over, we will be turning our attention to the end of the tax year so look out for your P11d and Tax Return checklists.  There’s a celebratory bottle of champagne to the first Tax Return we file…….

information on company EV car charging

The return of the P11d season…

Although there are intended changes to P11D reporting this does not take place until April 2026, so for now, to remain compliant a P11D form must be submitted to HMRC by an employer annually for each member of staff (including directors) that receives certain benefits and expenses considered taxable by HRMC.

Some types of benefits usually reported are:

  • Company Car/Fuel
  • Company vans (provided for personal use)
  • Private Medical Insurance
  • Employee loans over £10,000 (where no/low interest charged)
  • Professional/private memberships
  • Accommodation
  • Pecuniary bills paid by employer (accountancy etc.)
  • Staff entertaining 

The forms must be submitted annually to HMRC by 6 July, and we will be in touch with all our businesses in early April to help you submit the forms should you need to.

If you have any questions or wish to discuss potential benefits email diane.aldridge@cvag.co.uk or click on this HMRC link.

How to complete P11D and P11D(b) – GOV.UK (www.gov.uk)

Undeclared dividend income

Get ready for statutory National Minimum wage (NMW) and National Living wage (NLW) increases

The Government has now confirmed the statutory rates that will increase from 1 April 2024. The most significant change that is coming is the expansion of the upper age band, to include those aged 21 and over for the first time. The increase for 2024/25 is also, for the first time, going up by over £1.

21 and over  – £11.44
18 to 20 – £8.60
16 to 17 – £6.40
Apprentice – £6.40

Apprentices

Apprentices are entitled to the apprentice rate if they’re either:

  • aged under 19
  • aged 19 or over and in the first year of their apprenticeship
VAT Inspections

Updated Advisory fuel rates

The approved amount that employers can reimburse staff for business travel in company cars changes from 1 March 2024. 

The new rates per mile will be:

Engine size

Petrol

LPG

1,400cc or less

13p

11p

1,401cc to 2,000cc

15p

13p

Over 2,000cc

24p

21p

 

Engine size

Diesel

1,600cc or less

12p

1,601cc to 2,000cc

14p

Over 2,000cc

19p

The rate for fully electric vehicles remains unchanged from the previous quarter at 9p per mile. Hybrid cars are treated as either petrol or diesel cars for the purposes of advisory fuel rates.

These rates apply from 1 March 2024, but you can still use the previous rates for one month from that date. Those with diesel or petrol engines and high mileage for February would be slightly better off by using the rates for the current quarter (13p, 15p and 20p per mile for diesel and 14p, 16p and 26p per mile for petrol).

George studio

Men’s Walk to Support for Dorothy House 

On Saturday 9th March, George Hartnell took part in the Men’s Walk to Support for Dorothy House. 

We are pleased to say, George and his fellow walkers made it round and he raised a brilliant total of £580.   His team altogether raised £1,830 for the great work that Dorothy House do.

He made it back to his desk for Monday and I think was glad to sit down.

This month’s Clear Vision positive thought:
Set your goals high, and don’t stop until you get there

For more information about any of the above, including information on company EV car charging or VAT inspections, please get in touch.