Trueman Brown are a small firms of accountants based in Colchester, Essex. Accountants who believe in keeping their clients up-to date with the latest developments.

HMRC have announced the new advisory fuel rates to apply from 1st March 2017. The rates, which are set by HMRC, can be used by:-

  1. Employers to reimburse company car drivers for business:
  2. Employers to reclaim input VAT on employees claims for business related mileage allowance. (link to http://truemanbrown.co.uk/common-vat-mistakes-failing-claim-vat-mileage-allowance-claims/)

Remember that:-

  • Taxpayers can use the previous rates for up to 1 month from the date the new rates apply; and
  • Hybrid cars are treated as either petrol or diesel cars for this purpose.

 

Engine Size Petrol – Amount Per Mile LPG – Amount Per Mile
1400cc or less 11p 7p
1401cc to 2000cc 14p 9p
2001cc or more 22p 14p

 

 

Engine Size Diesel – Amount per mile
1600cc or less 9p
1601cc to 2000c 11p
Over 2000c 13p

Please contact us if you require assistance.

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