Latest advisory fuel rates published
The HMRC-approved amount that employers can reimburse staff for business travel in company cars changes from 1 December 2023. What are the new rates?
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Review how much VAT charged on sales?
A recent Tribunal case ruled that HMRC’s logic was flawed in dealing with a “what is the supply” challenge. Does this mean you should check that you are charging VAT correctly on your sales if there could be doubt about what you are selling?
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Are buy-to-let companies worth the hype?
There’s no doubt that landlords have been on the receiving end of multiple tax hikes in recent years. So called “property experts” will tell you that the best tax-saving strategy is to operate through a company. Are they right?
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Electronic VAT return
The advisory fuel rates published by HMRC set fixed amounts that can be paid to an employee using a company car for business mileage, without income tax consequences. It's possible to use a higher rate, but you must show that the actual fuel cost per mile is greater than the advisory rates.
HMRC has now published the advisory rates applicable from 1 December 2023, with a 1p increase for all diesel car users.
The rates per mile will be:
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Engine size |
Petrol |
LPG |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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1,400cc or less |
14p |
10p |
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1,401cc to 2,000cc |
16p |
12p |
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Over 2000cc |
26p |
18p |
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The rate for electric vehicles has dropped to 9p. These rates apply from 1 December 2023, but you can still use the previous rates for one month from that date. For a full list of current and historic rates, click here.
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