Monday, May 21, 2012 - 20:18
Home

New fuel rates apply from 1 December 2011

Posted: 06 December 2011
Issue: Vol 168, Issue 4333
Categories: In brief, News, Business Tax, VAT Admin, Taxation of Employees, IT & NIC, VAT

Amounts can be used for VAT

HMRC have announced new fuel rates for company cars.

The rates apply to all journeys on or after 1 December 2011 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.

Petrol hybrid cars are treated as petrol cars for this purpose.

The amounts can be used for VAT, but employers will need to retain receipts.