Poole: 01202 663600
New Milton: 01425 610166
On Wednesday 25 November the Chancellor George Osborne presented the f...
Another significant change relates to the deduction of mortgage intere...
As a result of changes to interest relief, it may now become more att...
Non UK Residence – New Capital Gains Tax rules for UK residential pr...
In the recent Budget, it was announced that a new residence nil rate b...
What can we expect from the Chancellor George Osborne's 2015 Autumn S...
New company car advisory fuel rates have been published to take effect from 1 September.
|1400cc or smaller||15p||10p|
|1401cc to 2000cc||18p||12p|
|1600cc or smaller||12p|
|1601cc to 2000cc||15p|
|Bigger than 2000cc||18p|
These rates apply to all journeys on or after 1 September 2012 until further notice. For one month from the date of change, employers may use either the previous or new current rates, as they choose. Employers may therefore make or require supplementary payments if they so wish, but are under no obligation to do either. These figures may also be used for VAT purposes.
Petrol hybrid cars are treated as petrol cars for this purpose.
Other points to be aware of about the advisory fuel rates:
• Employers do not need a dispensation to use these rates.
• Employees driving employer provided cars are not entitled to use these rates to claim tax relief if employers reimburse them at lower rates. Such claims should be based on the actual costs incurred.
• The advisory rates are not binding where an employer can demonstrate that the cost of business travel in employer provided cars is higher than the guideline mileage rates. The higher cost would need to be agreed with HMRC under a dispensation.
This is an extract of the detail, the link to the full detail, including earlier figures, is as follows: HMRC advisory fuel rates
If you would like to discuss your car policy, please call John Caithness on 01202 663620.