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Company cars – new advisory fuel rates

HMRC has announced new rates that will apply to all journeys on or after 1 March 2014. For one month from 1 March employers may use either the previous or new current rates, as they choose.

The new rates are:

Engine Size Petrol LPG
1400cc or less 14p 9p
1401cc to 2000cc 16p 11p
Over 2000cc 24p 17p

 

Engine Size Diesel
1600cc or less 12p
1601cc to 2000cc 14p
over 2000cc 17p


Hybrid cars are treated as either petrol or diesel cars for this purpose.


HMRC will also accept the rates for VAT purposes though employers will need to retain receipts in line with current legislation.

 

 

Date: 18th March, 2014
Author: Cathy Corns

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