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New advisory fuel rates apply from March

03 March 2014
Issue: 4442 / Categories: News , Employees , Income Tax

HMRC have announced new fuel rates for company cars, to apply to all journeys on or after 1 March 2014 until further notice. Employers may use either the previous or new rates for one month from the date of change, and therefore make or require supplementary payments, 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.

HMRC have announced new fuel rates for company cars, to apply to all journeys on or after 1 March 2014 until further notice. Employers may use either the previous or new rates for one month from the date of change, and therefore make or require supplementary payments, 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.

Engine size Petrol LPG
1,400cc or less 14p 9p
1,401cc to 2,000cc 16p 11p
Over 2,000cc 24p 17p
Engine size Diesel
1,600cc or less 12p
1,601cc to 2,000cc 14p
Over 2,000cc 17p

 

Issue: 4442 / Categories: News , Employees , Income Tax
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