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Advisory Fuel Rates for next quarter come into effect

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Advisory Fuel Rates for next quarter come into effect

A new set of Advisory Fuel Rates for the next financial quarter are now in effect as of 1 September 2020. These rates apply to any employee who uses a company car.

The rates can be used in circumstances where you are reimbursing employees for business travel in their company car or in requiring employees to repay the cost of fuel used for private journeys. If you use these rates, you will not need to seek a dispensation to cover the payments.

The new rates are:

Engine size Petrol – amount per mile LPG – amount per mile Diesel – amount per mile
1400cc or less 10 pence 7 pence 8 pence
1401cc to 2000cc 12 pence 8 pence 10 pence
Over 2000cc 17 pence 12 pence 12 pence

Please be aware that you can use the previous rates for up to one month from the date the new rates apply. Details of the previous fuel rates can be found by clicking here.

Hybrid cars are treated as either petrol or diesel cars for the purposes of Advisory Fuel Rates.

Meanwhile, the Advisory Electricity Rate for fully electric cars is four pence per mile, although electricity is not considered a fuel for car fuel benefit purposes.

Link: Advisory Fuel Rates

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Urgent COVID-19 Notice
Working From Home

Our first priority is the health and well-being of our team and our community. Therefore, with a heavy heart we have made the decision to temporarily work from home with immediate effect.

We are listening to the government’s daily updates, taking each day as it comes, and will reopen our offices as soon as it is safe to do so.

If you have any questions or need to discuss any issues at all please do email or call us on our usual number 01634 570 390.

The general email is enquiries@orchardaccountants.co.uk.

We hope everyone is keeping well and staying safe.

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