New advisory fuel rates for company cars have been published which take effect from 1 June 2019. The guidance states: ‘You can use the previous rates for up to one month from the date the new rates apply’. The rates only apply to employees using a company car.
The advisory fuel rates for company cars that have taken journeys on or after 1 June 2019 are:
|1400cc or less||12p|
|1401cc – 2000cc||15p|
|1400cc or less||8p|
|1401cc – 2000cc||9p|
|1600cc or less||10p|
|1601cc – 2000cc||12p|
HMRC guidance states that the rates only apply when you either:
- reimburse employees for business travel in their company cars or
- require employees to repay the cost of fuel used for private travel.
You must not use these rates in any other circumstances.
The Advisory Electricity Rate for fully electric cars is 4 pence per mile. Electricity is not a fuel for car fuel benefit purposes.
If you would like to discuss your car policy, please contact us.
Internet link: GOV.UK AFR
Get in contact with us for more information and assistance on all your accountancy and business needs.
Our accountancy services include:
- Annual Accounts Preparation
- Bookkeeping and VAT
- Payroll and CIS
- Personal Tax: Self Assessment
- Tax Investigation Protection
- Tax Planning and Specialist Tax work
Our business consultancy services include:
- Business Acquisitions and Disposals
- Business Start Up Support
- Cloud Software and IT
- External Director Service
- Performance Management
- Strategic Planning and Business Growth