company cars

M Holmes & T Holmes (TC4467)

HMRC have announced new fuel rates for company cars (below), to be applied to all journeys on or after 1 December 2013 until further notice.

Employers may use either the previous or new figures for one month from the date of change, and can make or require supplementary payments but are under no obligation to do either. Petrol hybrid cars are treated as petrol for this purpose.

The amounts can be used for VAT, but employers will need to retain receipts, the Revenue warned.