Company Car Fuel Rates

[Blisteringblue]

Boo! Just been issued our new company car fuel rates from 1st March.

Above 2.0L Petrol down to 20p a mile (from 24p)

We've been rumbled, no more totally free car. How will I cope.

[Steve44]

I know, saw that, eroding my profit and eating into the car cost. How dare they!

Petrol is creeping back up too. Damn you efficient car producers and EU plutocrats!!

[Blisteringblue]

Some of my colleagues with the eco diesels are seriously ticked off, they are down to 9p a mile for the under 1600cc models.

Will cope with 20p, I'm still waiting until there is a hybrid fuel rate like the one for LPG. The party will be well and truly over when they do that.

[Steve44]

yep - combination of lower petrol prices and increasing economy. Used to have a low cc diesel and you were much more at the mercy of fuel costs and average/mean mpg. Vowed if at all possible to keep the biggest engine size possible, but there isn't as many +2000cc diesel models now.

[DJP]

Forgive my ignorance but are you chaps quoting from an HMRC company car table, or just what your respective employers will pay?

I own my car and charge my employer 45p per business mile, as per the HMRC mileage rates.

[Blisteringblue]

If it's your car DJP then that is correct, our cars are provided by the company and while they don't have to follow the HMRC rates most tend to.

[splatty]

Think our place is 24p for above 2000cc

[Steve44]

24p was the HMRC rate up to 1st Dec14, reduced to 23p till 1st March. Potential for extra tax liability if your employer is paying more than the HMRC rate I think.

[splatty]

Not sure what they pay now mate, I just checked what it was when I ordered the IS.

Pretty sure I still get 18p for my 2000cc Audi

[jamroller]

Hi just been reading through your posts, I'm a bit ignorant to this company car lark the Lexus IS my first, I'm a joint company director and the company supplies the car, I have a fuel card used for fuel business miles only, I then put in my own fuel for personal miles and keep a spread sheet detailing private and business miles. Is this ok or do you have to pay for all fuel yourself and claim mileage at 20 p per mile

Many thanks

Ian

[Steve44]

Hi just been reading through your posts, I'm a bit ignorant to this company car lark the Lexus IS my first, I'm a joint company director and the company supplies the car, I have a fuel card used for fuel business miles only, I then put in my own fuel for personal miles and keep a spread sheet detailing private and business miles. Is this ok or do you have to pay for all fuel yourself and claim mileage at 20 p per mile

Many thanks

Ian

First of all, I'm not an accountant, nor a financial adviser, but.....

Fuel card for business miles only should be fine, no need to claim extra mileage per mile. Just need to be able to prove to HMRC (if they ask) that it is for Business miles only, as if for personal miles too, then has tax liability as a BIK.

HMRC have royally cocked up my tax code with the change to the Lexus last year, I'm slowly losing the will to live trying to get them to use the correct details.

[jamroller]

Ok thanks for the reply, I notified HMRC online about the company car and then they adjusted my tax code straight away, was pretty painless ( the process not the tax lol )

Cheers

Ian