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:-
- Employers to reimburse company car drivers for business:
- 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/)
- 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|
Please contact us if you require assistance.