Weekly tax highlights ― 26 August 2024

Produced by a Tolley Owner-Managed Businesses expert

Owner-Managed Businesses

Guidance

Direct taxes

Company cars: advisory fuel rates from 1 September 2024

HMRC has issued revised advisory fuel rates from 1 September 2024. The rates are to be used only where employers either reimburse employees for business travel in their company cars or require employees to repay the cost of fuel used for private travel.

The fuel prices for petrol, diesel and liquefied petroleum gas have also been updated.

See Simon’s Taxes: E4.621.

Indirect taxes

New and updated HMRC guidance on VAT One Stop Shop (OSS)

HMRC has published new guidance to set out the process of cancelling or making changes to a VAT OSS Union scheme registration. It covers when to cancel or make changes, what happens after cancellation, re-registering for the scheme, and registering for the scheme in an EU country.

Additionally,

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