Thurrock accountants, Trueman Brown, are a small firms of 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 June 2016. The rates, which are set by HMRC, can be used by:-

  1. Employers to reimburse company car drivers for business miles:
  2. Employers to reclaim input VAT on employees claims for business related mileage allowance.

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.

New Rates From 1st June 2016

Engine Size Petrol – Amount Per Mile LPG – Amount Per Mile
1400cc or less 10p 7p
1401cc to 2000cc 13p 9p
2001cc or more 20p 13p

 

 

Engine Size Diesel – Amount per mile
1600cc or less 9p
1601cc to 2000c 10p
Over 2000c 12p

Please contact us on 01708 671910 if you require assistance.