COMPANY CAR:

If you have a company car which you can also use for private use then as from 1st July 2008 the following rates apply for reimbursement of fuel costs for business mileage:

These rates don’t often change but you should be aware that they may and they will if VAT rates change.

PRIVATE CAR: 

If you use your own car for business use then you can claim the following amounts (per mile) for business use. 

Any amount received which is higher than those shown will be liable to tax and national insurance.

 Note: Employers should use the rates shown in the Company Car table to calculate the VAT recoverable on the Approved Mileage Rates in the Own Car table.

If you need any help or advice on the above please contact james@jamesgreenandco.co.uktoday.

 Also See:

• New Advisory Rate Change 
• Are You Ready for the VAT Rate Change?
• New Rules for Correcting an Error on Your VAT Return
• Prepare for VAT to Rise to 20%
• Isle of Man Chief Minister Speaks Out on VAT Debacle
• Pouring Cash Down the Toilet – £18 Billion Shortfall in UK VAT During 2006
• Taxman Faces Writs for VAT Errors
• What the Changes in VAT Mean For You
• The EU Could Allow Darling to Cut VAT
• VAT Invoicing Requirements – Fines if You Don’t Comply

Category:Taxation