Drive on veg oil, duty free in the UK!

UK H.M. Revenue & Customs (HMRC) announced in June 2007 that 'small producers' of compliant biofuels are no longer required to submit monthly returns on duty payable. A small producer is defined as someone producing less than 2,500 litres per year. Existing, registered producers have been sent a 'De minimis' letter stating that they are no longer required to submit a return but are required to carry on keeping records. The primary reason for this is that collecting biofuel duty from small producers/users is a loss making exercise. The cost to police, collect and process the volume of small amount cheques received each month outweighs the revenue generated.

In plain English, this effectively means that if you intend to produce or use less than 2,500 litres per year there's no longer a need to register as a new producer with HMRC. To put this into context, if you're getting 40 mpg from your diesel car you can travel just under 22,000 miles per year, duty free.

Find out more at: http://www.hmrc.gov.uk/briefs/excise-duty/brief4307.htm

 

2 Jul 2007 02:15:31 (Source: Smartveg)