New,Fuel,Duty,System,for,U.K., travel,insurance New Fuel Duty System for U.K. Boat Owners.
Date:2020-12-25 New,Fuel,Duty,System,for,U.K., travel
Torres del Paine is among the biggest of Chiles national parks, occupying almost 600,000 acres (242,000 ha) of land in the south on the border with Argentina. It is also among the most important, receiving a significant proportion of domes
Like any American, traveling occasionally is just what I love doing and I bet you share the same stuff with me. But traveling does not mean that you would be safe. Escaping from our job and other stressful activities is just something that w
Boat owners engaged in commercial boat operations e.g. yachtcharters and deliveries will continue to purchase fuel for propulsionat the rebated rate.The new system works as follows for leisure boat owners. A writtendeclaration is made to the vendor before purchase stating thepercentage of marine fuelused for propulsion the balance as a percentage for domestic use. HMRCand the industry suggest a split of 60% for propulsion and 40% fordomestic use, but the apportionment split is purely down to the ownersintended usage and a level of honesty is required. After all HRMC mayreview the situation if the system does not work. The wording prescribed by HMR&C for this declaration is:-I declare that [ ] % of the fuel purchased will be used forpropelling a private pleasure craft and then the owner will be askedto pay the full rate of duty on the declared proportion of the fuelpurchased. The vendor may also have a form to complete. Once thedeclaration is made there is nothing more to do.HMRC have confirmed that VAT is charged at the reduced rate of 5% onfuel for propulsion and domestic use. A worked example is given belowThis example assumes a 60% (propulsion) and 40% (domestic) split fora purchase of 100 litres of red diesel (the price of diesel is assumedto be 0.70ppl which includes 9.69ppl duty already paid to fuelsupplier):Propulsion calculation (i.e. 60%)60 litres @ 0.70ppl = £4260 litres @ 0.4066 = £24.40 (additional duty)VAT @ 5% = £3.32Propulsion Total = £69.72 Domestic calculation (i.e. 40%)40 litres @ 0.70ppl = £28VAT @ 5% = £ 1.40Domestic Total = £29.40Transaction Total = £99.12Dont forget to keep invoices on board if travelling abroad on your boat where legislation for marine red diesel consumption can be different.Overall the industry has welcomed this new system which has helpedto alleviate major worries from leisure boat owners and the U.K.boating industry as a whole. Now lets see if both U.K. boat owners,fuel suppliers and the HRMC can make the system work.
New,Fuel,Duty,System,for,U.K.,
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