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Lowdown
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9am Lowdown: Income tax, Accountex wrap up & fuel rates

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1st Jun 2017
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HMRC has released new figures that show the amount of taxpayers paying the highest rate of income has increased from 311,000 in 2013-14 to 364,000 people. Elsewhere, the advisory fuel rates have been updated for June.

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Record number pay higher rate tax

According to the BBC, a record number of people are paying the 45p rate of income tax.

However, the new figures from HMRC show that this number of taxpayers only represent 1.2% of income taxpayers in the UK. Meanwhile the number of taxpayers paying the basic rate of tax is estimated to be 25.1m, and then a further 4.2m pay at the 40% rate.

The figures come from UK income tax liabilities statistics survey. Reacting to the findings, Tom McPhail from Hargreaves Lansdown told the BBC that more low earners are being taken out of the system altogether. “[B]asic-rate taxpayers are paying a lower overall average rate of tax and whilst top earners' share of income is declining, their contribution to the income tax system is increasing.”

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Accountex wrap up: what you may have missed

Did you manage to see everyone you wanted to see at Accountex? Before the show signed off for another year, AccountingWEB hit the stands to seek out those hidden gems that may not have been at the top of your itinerary but are worth a look.

We spoke with a number of new players covering the latest trends and topics in the profession.

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HMRC update advisory fuel rates

HMRC has released the advisory fuel rates that come into force from 1 June. Hybrid cars should be treated as either petrol or diesel cars. 

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 21 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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