As of 1 December 2017, advisory fuel rates have been updated for employees’ usage of company cars.
The following rates are now in place for petrol and LPG-fuelled cars provided by your employer, while the previous rates can be used until 1 January 2018.
|Engine size||Petrol – amount per mile||LPG – amount per mile|
|1400cc or less||11p||7p|
|1401cc to 2000cc||14p||9p|
The following rates also apply for diesel cars:
|Engine size||Diesel – amount per mile|
|1600cc or less||9p|
|1601cc to 2000cc||11p|
Hybrid cars are treated as either petrol or diesel cars for this purpose.
These rates will apply when an employer reimburses employees for business travel in their company car and when employees are required to repay the cost of fuel used for private travel.
For any help or advice with financial planning talk to RPD