HMRC releases new advisory fuel rates for company cars

Personnel Today’s Smart Buyer provides expert guidance on company car schemes…

RESEARCH How salary sacrifice is reshaping company car benefits Five ways to fund a company car scheme Pros and cons of providing company cars Outsourcing fleet management: how to select a supplier 10 questions to ask when changing your fleet supplier How to build a company car policy     MARKET EVALUATION  Cash for car: an alternative to company car schemes  Short term car hire: a sensible alternative? Car clubs and what they mean for businesses Fleet management glossary: the jargon of company cars Car leasing and contract hire companies: 20 major players ‘Opticash‘ cash allowances     IMPLEMENTATION  Grey fleet driving offences: how to deal with a growing problem Seven steps to upgrading fleet management software How to implement the outsourcing of fleet management How good is your car benefit policy?     Personnel Today Smart Buyer: all Company Cars content

HM Revenue & Customs (HMRC) has released new advisory fuel rates for employers with company car schemes.

Most of the rates have risen slightly or remain unchanged but, for larger engines, the advised costs of diesel and LPG have fallen. The new rates will apply to all journeys made on or after 1 December and, for one month, employers can choose to use either the previous or current levels.

Employers will be able to use these new rates for VAT purposes but receipts also need to be kept, in line with current legislation. These levels are reviewed twice per year and HMRC advises employers to make themselves aware of any changes.

For more information on implementing a company car scheme, read our Smart Buyer guide.