Moore Thompson accountants are advising that HM Revenue and Customs (HMRC) has published details of its latest advisory fuel rates for company cars.
Mark Hildred, managing partner at Moore Thompson, said: “The new rates came into effect from 1 March 2011 and apply to all journeys made using company cars on or after this date.
“However, employers may continue to use the old rates until the end of March and can make or require supplementary payments if they wish”.
The new advisory rates are as follows:
Engine size
Petrol
Diesel
LPG
1400cc or less
14p
13p
10p
1401cc-2000cc
16p
13p
12p
Over 2000c
23p
16p
17p
The new figures are based on fuel prices of 128.9p per litre for petrol, 134p for diesel and 76.5p for LPG.
HMRC reviews the rates twice a year and will consider changing them if fuel prices fluctuate by 5% from the published rates when each review is made.
For more information, please contact Moore Thompson in Spalding on 01775 711333, in Wisbech on 01945 465767 or in Market Deeping on 01778 380850.
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