The latest changes to HMRC’s advisory fuel rates for company cars came in to effect from 1 September 2024. The advisory fuel rates apply to companies who reimburse employees for business mileage where they pay for their own fuel in their company car, and are reviewed quarterly.
The rate is dependent on engine size and type of fuel, and has reduced across all categories (except for LPG) from 1 September. Employers should ensure that they are using the new rates going forward. Rate can be found at the link below:
https://www.gov.uk/guidance/advisory-fuel-rates
The next review and any changes will apply from 1 December 2024.
Please do not hesitate to contact your usual Drummond Laurie contact if you need further guidance.