Powered by people and technology in 2018: the technology sector view

Our survey, completed by 652 business leaders from across the UK, reveals remarkable resilience amongst owner managed businesses (OMBs) with many performing better than expected last year. This view is shared in the tech sector where businesses have more confidence this year, reflecting recovery from the Brexit referendum result. 75% of technology OMBs are somewhat or very confident about the general outlook for 2018 – up from 67% in last year’s survey.

New company car fuel rates

Advisory fuel rates

HMRC has published new ‘advisory fuel rates’ (AFR) for company cars, which apply to journeys from 1 June 2018, here.

Where an employer reimburses an employee for the cost of fuel that is used for business travel in a company car, the employee will enjoy an element of profit if the payment is too high. This is taxable as employment income. If the AFR (or a lower rate) is used, HMRC will accept that no tax charge arises, without requiring a detailed justification of the figures. An employer may use a different rate in particular circumstances (e.g. where the terrain or the driving pattern results in a higher than usual fuel consumption) but HMRC may require the calculation to be justified.
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