Advisory Fuel Rates for March 2018 announced by HMRC
HM Revenue and Customs (HMRC) has published the latest advisory fuel rates, to apply from 1 March 2018.
The new rates, that only apply to employees using a company car, include a 1p per mile increase for petrol vehicles with an engine size of over 2,000cc. Rates for LPG-fuelled vehicles of 1,401cc to 2,000cc and over 2,000cc fall by 1p per mile, while diesel rates remain unchanged.
The new rates are as follows:
|Engine size||Petrol – amount per mile||LPG – amount per mile|
|1400cc or less||11 pence||7 pence|
|1401cc to 2000cc||14 pence||8 pence|
|Over 2000cc||22 pence||13 pence|
|Engine size||Diesel – amount per mile|
|1600cc or less||9 pence|
|1601cc to 2000cc||11 pence|
|Over 2000cc||13 pence|
The rates apply from 1 March, however employers can use the previous rates for up to one month from the date the new rates apply.
HMRC review these rates on a quarterly basis on 1 March, 1 June, 1 September and 1 December.
For more information please contact Lee Muter, Employment Taxes Partner, on 0191 243 6089 or at email@example.com
With less than a year to go until the introduction of HMRC’s Making Tax Digital for VAT scheme, businesses must
The dramatic increase in fraud shows no signs of slowing down. Although the true annual cost of fraud to the
HM Revenue and Customs (HMRC) has published its Employer Bulletin for June 2018 which is available to view at the
Founded way back in 1865 by John William Cameron in Hartlepool, County Durham, Camerons Brewery is the largest independent brewer
New rules surrounding salary sacrifice, termination payments and benefits in kind are being felt by businesses across the country, with