Chartered Accountants | Chartered Accountants Northampto

At Harris & Co Chartered Accountants in Northampton, we understand that keeping on top of fuel rates is highly important for car owners. New company car advisory fuel rates have recently been published to take effect from 1 June 2013.

Stay On Top Of Changes In Car Policy With Harris & Co Chartered Accountants

HMRC’s website states:

‘These rates apply to all journeys on or after 1 June 2013 until further notice. For one month from the date of change, employers may use either the previous or new current rates, as they choose. Employers may therefore make or require supplementary payments if they so wish, but are under no obligation to do either.’

Here are the advisory fuel rates for journeys that are undertaken on or after 1 June 2013:

Not all of the rates have been amended, so take care when applying the correct rate. The amounts for the previous quarter are shown in brackets where the rate has been amended.  

There are a few other points to be aware of about the advisory fuel rates, such as:

·       Employers don’t need a dispensation to use these rates.

·       Employees driving employer provided cars are not entitled to use these rates to claim tax relief if employers reimburse them at lower rates. These claims should be based on the actual costs incurred.

·       The advisory rates are not binding where an employer can demonstrate that the cost of business travel in employer provided cars is higher than the guideline mileage rates. The higher cost would have to be agreed with HMRC under a dispensation.

Specialist Accountancy Services From Harris & Co

If you need advice on car policy, Harris & Co Chartered Accountants in Northampton can help. Our specialist accountancy services include motor sport specialism. We have extensive knowledge of the motor industry’s accounting needs, including bookkeeping, payroll and taxation, as well as more specialist requirements.

For more information please call 01604 660661 or email admin@harrisandco.biz