New fuel rates for company cars have been announced by HMRC which will apply to all journeys on or after 1 June 2014.
Employers have a period of one month from the date of change to use either the previous or new fuel rates. They can also therefore make or require supplementary payments but there is no obligation to do either. Please note that petrol hybrid cars must be treated as petrol cars in this instance, and employers must retain receipts for VAT purposes.
The new fuel rates are as follows:-
|1,400cc or less||14p||9p|
|1,401cc to 2,000cc||16p||11p|
|1,600cc or less||12p|
|1,601cc to 2,000cc||14p|