Aug
04
2010
New CCT category 'could benefit umbrella company users'
Posted by Sarah Putt
Umbrella company users who rely on their vehicles for work may be interested to know that a new category has been added for company car taxes (CCT).
HM Revenue and Customs' benefits and expenses sub-group meeting has discussed the introduction of a five per cent rate for ultra-low-emission cars.
This lower rate would apply to those vehicles with engine emissions of 75g/km and below, a type of vehicle which is expected to be available shortly.
In addition, those umbrella company users with zero-emissions vehicles will be taxed at a zero per cent rate until 2015.
The lower threshold is also due to be reduced by five g/km to 130g/km following an announcement in last year's Budget.
Bob Jones, founder of internet-taxation.co.uk, recently told ContractorUK.com that it is important umbrella company users understand the three different types of travel expenses and how these are treated differently in the UK tax system.
Umbrella company users who rely on their vehicles for work may be interested to know that a new category has been added for company car taxes (CCT).
HM Revenue and Customs' benefits and expenses sub-group meeting has discussed the introduction of a five per cent rate for ultra-low-emission cars.
This lower rate would apply to those vehicles with engine emissions of 75g/km and below, a type of vehicle which is expected to be available shortly.
In addition, those umbrella company users with zero-emissions vehicles will be taxed at a zero per cent rate until 2015.
The lower threshold is also due to be reduced by five g/km to 130g/km following an announcement in last year's Budget.
Bob Jones, founder of internet-taxation.co.uk, recently told ContractorUK.com that it is important umbrella company users understand the three different types of travel expenses and how these are treated differently in the UK tax system.