HMRC have released their new advisory fuel rates for drivers of company vehicles. These came into effect from 1st July and allow reimbursement of fuel tax free at these levels.
These new rates will need to be used from July 1st 2017 for all of your relevant employees.
See our table below for a detailed breakdown of the different rates.
|Engine size||Petrol per mile||LPG per mile||Diesel per mile|
|Up to 1,400cc||11p (11p)||7p (7p)||-|
|1,401cc to 2,000cc||14p (14p)||9p (9p)||-|
|Up to 1,600cc||-||-||9p (9p)|
|1,601cc to 2,000cc||-||-||11p (11p)|
|Over 2,000cc||21p (22p)||14p (14p)||13p (13p)|
If you’re paying your employee fuel expenses then you can reclaim the VAT from these costs – equal to one-sixth of the cost incurred.
If you’re looking for more advice on employee benefits and expenses then see our blog series on these topics:
If you would like further advice on any of the above then please give us a call on: 01273 882200.
If you receive rental income from a furnished residential letting then you’ll be aware of a “Wear and Tear” allowance, eligible for use against your properties. This allowance recently saw a change to its terms, read below for more details.
Employers need to budget for increases from April 2018 in the compulsory pension contribution for their employees. Now is the time to plan for this.
If you’re a residential property landlord, then don’t miss out on these tax relief options available to be used against your rental income. Read on to find out more.