Matt
Nuclear
My Car: Astra Coupe 1.8 SE2
Joined: 18 Jan 2007
Posts: 11892
Location: Plymouth, UK
|
 Posted: Thu Dec 06, 2007 2:34 pm Post subject: Company Car Fuel |
 |
|
| Quote: | If you get a company car but have to pay for all the fuel you can get the following amounts back from your employer for business fuel:
For claims pre 1/1/08 the figures are mostly 1p less
Company cars - advisory fuel rates from 1 January 2008
1400cc or less
Petrol or diesel 11p/mile
LPG 7p
1401cc to 2000cc
Petrol 13p
Diesel 11p
LPG 8p
Over 2000cc
Petrol 19p
Diesel 14p
LPG 11p
These amounts are the Revenue approved figures. If you work for a skinflint you may be paid less. Any more than these figures is taxable.
If you run your own car you can claim up to 40p/mile for business use for the first 10,000 business miles. After that it is 25p/mile.
Again your employer may pay less but you can then claim a tax deduction for the difference between the 40p/25p and the actual amount received. Because it is a tax allowance, all you are getting is the tax on the amount your employer didn't pay.
TIP: if your employer pays less than 40p/mile and you do a lot of business miles (and that isn't going to change) it is advantageous to negotiate an increase in the mileage rates since the amounts received are tax and National Insurance free and don't carry employer's NI for the employer. A much cheaper way to give a pay rise in tight times. |
_________________
As posted by JohnC
_________________
Small car, big heart. |
|
FAQ
Search
Memberlist
Usergroups
Join! (free) 
Profile
Log in to check your private messages
Log in
