NEW COMPANY CAR FUEL RATES

HMRC have recently issued the new advisory fuel rates for Company Cars with effect from 1 December 2013 as follows:

ENGINE SIZE                                       PETROL (INC HYBRID)                     LPG

1400cc or less                                     14p                                                            9p

1401cc to 2000cc                               16p                                                         11p

Over 2000cc                                        24p                                                         16p

ENGINE SIZE                                       DIESEL

1600cc or less                                     12p

1601cc to 2000cc                               14p

Over 2000cc                                        17p

These rates must be adopted by 1 January 2014 at the latest and should be used for:

1. Employer paying business fuel only for company car drivers;
2. Employee’s reimbursing their employer for personal fuel in a company car;
3. Calculating VAT reclaim on mileage paid to employees.

If you would like further information on these, please contact us on 0161 975 6685 or by email at christine@in-accountancy.co.uk