Company cars Archives - WRLO Accountants

Advisory fuel rates for company cars

WRLO Accountants — Thu, 05 Sep 2024 10:57:56 +0000

New company car advisory fuel rates have been published and took effect from 1 September 2024. 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 2024 are: Engine size Petrol 1400cc or less 13p 1401cc – 2000cc 15p Over 2000cc 24p Engine size Diesel 1600cc or less 12p 1601cc – 2000cc 14p Over 2000cc 18p Engine size LPG 1400cc or less 11p 1401cc – 2000cc 13p Over 2000cc 21p HMRC 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. The Advisory Electricity Rate for fully electric cars is 7p per mile. If you would like to discuss your company car policy, please contact us. Internet link: GOV.UK AFR

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Scrap fuel duty cut, says RAC

WRLO Accountants — Thu, 05 Sep 2024 10:34:23 +0000

The 5p cut in fuel duty to be scrapped in the upcoming Autumn Budget, according to the RAC The motoring organisation says that motorists in the UK are ‘not gaining any benefit’ and retailers have failed to pass on lower petrol and diesel prices to drivers. Prime Minister Keir Starmer recently refused to rule out a rise in fuel duty and warned that the Autumn Budget will be ‘painful‘. The RAC suggested that average petrol prices should be reduced from 142p per litre to 136p per litre and diesel prices from 147p per litre to 139p per litre. Simon Williams, Head of Policy at the RAC, said: ‘We’d normally be against any increase in duty. But we’ve long been saying drivers haven’t been benefitting from the current discount due to much higher-than-average retailer margins. ‘As more and more EVs come on to the roads the government will need to tax drivers differently. We think replacing fuel duty with a pay-per-mile system as soon as possible is the way forward as then the only tax levied on fuel would be VAT. This would give retailers nowhere to hide.’ Internet link: RAC website

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Advisory fuel rates for company cars

WRLO Accountants — Thu, 06 Jun 2024 20:03:02 +0000

New company car advisory fuel rates have been published and took effect from 1 June 2024. 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 June 2024 are: Engine size Petrol 1400cc or less 14p 1401cc – 2000cc 16p Over 2000cc 26p Engine size Diesel 1600cc or less 13p 1601cc – 2000cc 15p Over 2000cc 20p Engine size LPG 1400cc or less 11p 1401cc – 2000cc 13p Over 2000cc 21p HMRC 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. The Advisory Electricity Rate for fully electric cars is 8p per mile. If you would like to discuss your company car policy, please contact us. Internet link: GOV.UK AFR

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