Have gone up by 1p a mile if you drive a sub 2lt car, 2p a mile if over :)
It's not great but it's a start!
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Have gone up by 1p a mile if you drive a sub 2lt car, 2p a mile if over :)
It's not great but it's a start!
Source??
Not here http://www.hmrc.gov.uk/rates/travel.htm
Chris
hmm we haven't been advised of this as an employer..
We were emailed the stuff below from our Fuel Card providers
Customer Newsflash
Change to Advisory Fuel Rates
Dear Sue,
As you may be aware, Her Majesty's Revenue and Customs (HRMC) normally reviews Advisory Fuel Rates every six months. Advisory Fuel Rates are guidelines on fuel only mileage rates for company cars. The Advisory Fuel Rates were last updated the 1st December 2010 and were not due to be revised until June 2011. However, in response to the pressure created by rising fuel prices, HRMC decided to review the rates early which are effective from 1st March 2011.
The new rates can be used to reimburse your company car drivers for fuel used on business travel. In brief, HMRC has increased the rates by 1p per mile for petrol and diesel cars with an engine size of 2,000cc or less, and for diesel cars with an engine size over 2,000cc. For petrol cars with an engine size over 2,000cc, the rate has increased by 2p.
As a reminder, and in line with HMRC guidance, for one month from the date of the change, you may use either the previous or new current rates, at your discretion. This means that you may make supplementary payments to your employees if you so wish, but are under no obligation to do so.
Rate Table:
Engine Size Petrol Diesel LPG
1400cc or less 14p 13p 10p
1401cc to 2000cc 16p 13p 12p
Over 2000cc 23p 16p 17p
If you would like more information regarding Advisory Fuel Rates, please read the details available on HRMC's website - www.hmrc.gov.uk
ahh cool. Still the same 40p/mile for the first 10k miles for 2l engines though I assume?
I love how petrol is higher even though diesel costs more, especially now sub 2l petrol engines usually managed comparible mpg these days
Not sure - I read it that for 2l engine, you'd now get 42p a mile. But I could very well be wrong. I don't have to do anything with it normally, my company sorts it all out
I'm quite lucky in that I just claim what I use (the benefit of running the company and doing the accounts) and our guys fill up on company cards. Fuel prices suck :/
I could be wrong, but my intepretation is that the increase they mention is in the context of company cars and not private car mileage.Quote:
The new rates can be used to reimburse your company car drivers for fuel used on business travel.
It would certainly explain why there is nothing about it on the hmrc website and why others know nothing about it.
You may well be right. I can't work out though, why would you reimburse a company car driver for business mileage when they use a fuel card and don't pay it out of their own pockets? Surely that would mean the company can claim back an extra penny, not the car driver?
Or am I missing something?
I believe it's the tax that the company can claim back from the government, not what the driver receives..or something similar :P tho as far as I was aware companies just claim the vat back? that's certainly what we do!
Quote:
Originally Posted by Squashed_Fly
There's more than one scheme for company car drivers and people who use their personal cars on company business. If you get paid fuel expenses above the HMRC rates it's treated as a benefit in kind and you will get taxed on it. Your company should declare it on your P11d.
..at which point the government gives you a stupidly low tax code as a punishment for daring to receive a benefit at work :P our guys are constantly moaning at me for their taxation..not that there's anything I can do! The data on the p11d isn't my fault heh
Good old government - always got it's peoples best interests at heart...
(And if you believe that, you'll believe anything!)
Life's tough at the top mate! ;D ;)Quote:
Originally Posted by Dabz