HMRC Advisory Fuel Rates
Aug 6th, 2008 | By James Green | Category: Accounting for the Money, UK Business Taxes, UK Personal TaxesCOMPANY 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:
|
Engine Size |
Petrol |
Diesel |
LPG |
|
1400cc or less |
12p (11p) |
13p (11p) |
7p ( 7p) |
|
1401cc to 2000cc |
15p (13p) |
13p (11p) |
9p ( 8p) |
|
Over 2000cc |
21p (19p) |
17p (14p) |
13p (11p) |
PRIVATE CAR:
If you use your own car for business use then you can claim the following amounts (per mile) for business use.
|
First 10,000 business miles in the tax year |
Each mile over 10,000 miles in the tax year |
|
|
Cars and vans |
40p |
25p |
|
Motor cycles |
24p |
24p |
|
Bicycles |
20p |
20p |
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.uk today.