Chartered Accountants in Dudley

Latest fuel advisory rates published

Chartered Accountants in Dudley

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Chartered Accountants in Dudley

HM Revenue & Customs (HMRC) has updated its advisory fuel rates, applying to all journeys on or after 1 September 2014.

HMRC-approved advisory fuel rates apply where employers reimburse employees for business travel in their company cars, and where employees reimburse the cost of fuel used for private travel in a company car. There is no fuel benefit charge if the advisory rates are used.

The figures quoted will also be accepted by HMRC for VAT purposes, though employers are reminded to retain receipts. The new rates per mile are:

Engine size Petrol   Diesel LPG
1400cc or less 14p 9p
1401cc to 2000cc 16p 11p
1600cc or less 11p
1601cc to 2000cc 13p
Over 2000cc 24p 17p 16p

Hybrid cars are treated as either petrol or diesel cars for this purpose.

The rates are reviewed four times a year and any changes take effect at the beginning of each calendar quarter, on 1 March, 1 June, 1 September and 1 December.

They are published on HMRC’s website shortly before the date of change. For one month from the date of change, employers are able to use either the previous or new rates.

Link: Additional HMRC information 

Chartered Accountants in Dudley
Chartered Accountants in Dudley
Chartered Accountants in Dudley

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Chartered Accountants in Dudley