Company Car Advisory Fuel Rates
Stephenson Smart
Providing a professional and supportive service to our clients, to help them understand their tax and finances.
Advisory fuel rates company car - an overview by Partner,? Chris Goad :
New company car advisory fuel rates have been published and took effect from 1 June 2023.
The guidance states:?‘you can use the previous rates for up to one month from the date the new rates apply’. The rates only apply to employees using a company car.
The advisory fuel rates for journeys undertaken on or after 1 June 2023 are:
Engine size
Petrol
1400cc or less
13p
1401cc?- 2000cc
15p
Over 2000cc
23p
Engine size
LPG
1400cc or less
10p
1401cc?- 2000cc
12p
Over 2000cc
18p
Engine size
Diesel
1600cc or less
12p
1601cc - 2000cc
14p
Over 2000cc
18p
?
HMRC?guidance?states that the rates only apply when you either:
You must not use these rates in any other circumstances.
The Advisory Electricity Rate for fully electric cars is 9p per mile. Electricity is not a fuel for car fuel benefit purposes.
If you would like to discuss your company car policy, please?contact us.