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VAT and Road Fuel Scale Charges (RFSCS). 30/04/12

HM Revenue & Customs (HMRC) operates a system of Road Fuel Scale Charges (RFSCs) to help businesses account for VAT when business road fuel is put to private use.

This is a simplification measure that allows businesses to use a standardised scale charge to value private use fuel.

The changes to RFSC outlined in the Technical Note aim to maintain the overall benefits of the RFSC system. The changes will:

  • bring into legislation the effect of two existing extra statutory concessions
  • simplify the legislation and the process for the annual revalorisation of the scale charges
  • withdraw one extra statutory concession
  • correct a defect in the existing legislation

So, if you are VAT-registered businesses that use road fuel scale charge to account for VAT on fuel which has been acquired through your business but then used for private purposes, these changes apply to you.

Still not sure?

Look at the link: www.hmrc.gov.uk/briefs/vat/brief1112.htm
 Or
If you need any help and advice for your business on VAT or any other implications of the 2012 Budget, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help


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