Business Advice for all UK firms from starting a business to flotation
Company car fuel rate rise
Businesses that provide staff with company cars for work purposes will have to reimburse employees with higher fuel costs.
HMRC has increased the rate for petrol cars by between 9% and 15%, depending on the engine size, while diesel drivers will be able to claim back between 18% and 21% more.
The move reflects the rising price of fuel, with petrol costs rising by 12% and diesel 20% over the past five months.
HMRC reviews the rates for fuel every six months but can intervene outside of those times if costs rise by more than 5%.
Post Date: June 2nd, 2008