The table below sets out the HMRC advisory fuel rates from 1 March 2024. These are the suggested reimbursement rates for employees’ private mileage using their company car.
Where the employer does not pay for any fuel for the company car, these are the amounts that can be reimbursed in respect of business journeys without the amount being taxable on the employee.
| Engine Size | Petrol | Diesel | LPG |
| 1400cc or less | 14p
(14p) |
10p
(10p) |
|
| 1600cc or less | 13p
(13p) |
||
| 1401cc to 2000cc | 16p
(16p) |
12p
(12p) |
|
| 1601 to 2000cc | 15p
(15p) |
||
| Over 2000cc | 26p
(26p) |
20p
(20p) |
18p
(18p) |
The previous rate is shown in brackets – no changes.
Note that for hybrid cars you must use the petrol or diesel rate.
For fully electric vehicles the rate is 9p per mile.
Our experts at Beavis Morgan can ensure your tax affairs are as efficient as possible to fit your circumstances. In addition, we can look ahead to retirement and inheritance tax planning.
For more information and to discuss your tax affairs in further detail, contact your usual Beavis Morgan Partner or email info@beavismorgan.com.