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New company car advisory fuel rates have been published by HMRC and took effect from 1 December 2018.
The rates are based on fuel prices and adjusted miles per gallon figures. 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 December 2018 are:
The advisory electricity rate for fully electric cars is 4p per mile. Electricity is not a fuel for car fuel benefit purposes.
HMRC guidance states that the rates only apply when you either:
You must not use these rates in any other circumstances.
If you would like to discuss your company car policy, please contact:
+44 (0)20 7430 5936 / email@example.com