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| Company cars: revised advisory fuel rates |
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HMRC have published revised advisory fuel rates for company car users, which take effect from 1 July 2008.
HMRC have agreed with employers that they should give one month's notice of a change in advisory fuel rates so that they can amend their systems in good time to implement the new rates. Accordingly HMRC have announced new rates now for implementation on 1 July 2008. However, the recent fuel price increases which justify these rate changes have happened very rapidly. In these unusual circumstances HMRC are mindful that an implementation date of 1 July might mean that drivers will be incurring higher fuel prices before the new rates become effective. Consequently, where employers are able to do so, HMRC are happy for the new rates to be implemented immediately ie from 1 June 2008. The new rates are as follows:
Petrol hybrid cars are treated as petrol cars for this purpose. Customs will also accept the figures in the table for VAT purposes though employers will need to retain receipts in line with current legislation. Link
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About The Author  Sarah Laing Sarah is a Chartered Tax Adviser. She has been writing professionally since joining CCH Editions in 1998 as a Senior Technical Editor, contributing to a range of highly regarded publications including the British Tax Reporter, Taxes - The Weekly Tax News, the Red & Green legislation volumes, Hardman's, International Tax Agreements and many others. She became Publishing Manager for the tax and accounting portfolio in 2001 and later went on to help run CCH Seminars (including ABG Courses and Conferences). Sarah originally worked for the Inland Revenue in Newbury and Swindon Tax Offices, before moving out into practice in 1991. She has worked for both small and Big 5 firms. She now works as a freelance author providing technical writing services for the tax and accountancy profession. |
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Article Added Friday, 30 May 2008 | 1675 Hits |
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