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HMRC announces change to rules on company car replacements. Pearson May News Update - Thursday 24 June
- Tax review could see IR35 abolished
- HMRC announces change to rules on company car replacements
- Pension system to see radical reforms
HMRC announces change to rules on company car replacements
HM Revenue and Customs (HMRC) has said that, as from April 2011, employers will be able to notify the tax authorities of any company car replacement changes electronically.
Last year, HMRC had announced that, as from April 2009, employers no longer had to submit form P46 (Car) for replacement company car changes and that, from April 2010, forms P46 (Car) relating to replacement company car changes would no longer be accepted.
There have been discussions about the impact of this on employers and employees, but the agreed changes can't be made for the current tax year.
However, as from April 2011, employers will be able to notify HMRC electronically of any replacement car changes. The paper form P46 (Car) won't be changed, so only electronic notifications of replacement company cars will be accepted.
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