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9am Lowdown: ICAEW rebrands, business rates & fuel rates

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24th Feb 2017
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Happy Friday! This morning’s lowdown features news about ICAEW’s rebranding, the government feeling more pressure over business rates and March’s fuel rates.

* * *

ICAEW is to rebrand

ICAEW is set to debut their new brand in the April edition of Economia, as it differentiates itself from its competitors.

After researching their brand over the last year with their key stakeholders, ICAEW said: “Our marketplace has changed considerably since ICAEW was first formed in 1880 – we now have global markets, digital communication and more competition than ever before. So we need a strong, distinctive brand to clearly position ourselves.”

The ICAEW said that the comments and feedback from their stakeholders has helped it produce a brand which ensures it “remains modern” and “relevant” to its audience.

* * *

Pressure grows over business rates

The government is under pressure from business leaders and MPs to rethink the business rates system.

As reported in The Guardian, 11 trade bodies have written to MPs calling for an overhaul of business rates. The trade bodies, including the CBI and the British Chambers of Commerce,  said in the letter that business rates system is “unfair, outdated, and deters investment” and warned that the tax will be a “key factor in shaping investment and growth in the UK economy for decades to come”.

Helen Dickinson, chief executive of the BRC, said “under the current business rates system the divide between the most prosperous and deprived areas will get bigger as a result and more businesses will decide to close in those less successful communities.”

* * *

HMRC updates fuel rates

HMRC has updated the advisory fuel rates that will take effect from 1 March. The previous fuel rates can still be used for up to one month from the date the new rates apply to employees using a company car.

The new rates are:

Engine size

Petrol - amount per mile

LPG - amount per mile

1400cc or less

11 pence

7 pence

1401cc to 2000cc

14 pence

9 pence

Over 2000cc

22 pence

14 pence

 

Engine size

Diesel - amount per mile

1600cc or less

9 pence

1601cc to 2000cc

11 pence

Over 2000cc

13 pence

 

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