New company car advisory fuel rates have been published which take effect from 1 September 2018.
The guidance states: ‘You can use the previous rates for up to one month from the date the new rates apply’. The rates only apply to employees using a company car.
The advisory fuel rates for journeys undertaken on or after 1 September 2018 are:
|1400cc or less||12p|
|1401cc – 2000cc||15p|
|1400cc or less||7p|
|1401cc – 2000cc||9p|
|1600cc or less||10p|
|1601cc – 2000cc||12p|
The guidance states that the rates only apply when you either:
- reimburse employees for business travel in their company cars
- require employees to repay the cost of fuel used for private travel
You must not use these rates in any other circumstances.
For more information regards the pros and cons of having a company if you operate a Limited company, have a look at the video below:
Or if you are a sole trader the rules are slightly different, so for more information check out the video below:
If you would like to discuss your car policy, please contact us.
Internet link: GOV.UK AFR