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Advisory Fuel Rates change from 1 June 2015

HMRC_logo-webHer Majesty’s Revenue and Customs (HMRC) have announced the new Advisory Fuel Rates (AFR) for the 1st of June 2015.

With the dramatic decrease of AFR’s seen in March and the price of fuel on the rise once again the HMRC has increased the majority of the fuel rates accordingly.

AFR’s apply to companies that reimburse employees for business mileage in their company car or when employees need to repay the cost of fuel used for their own private use in a company car.

For more information on mileage rates or Advisory Fuel rates and what you should be claiming visit:

http://www.fleetinnovations.com/blog/tag/advisory-fuel-rates/

The new advisory fuel rates for the 1st of June 2015 are listed below in bold, previous rates in brackets. You can use the previous rates for up to 1 month from the date the new rates apply.

Engine size Petrol             LPG
1400cc or less             12p      (11p)             8p        (8p)
1401cc to 2000cc             12p      (13p)             9p      (10p)
Over 2000cc             21p      (20p)             14p      (14p)

 

Engine size  Diesel
1600cc or less             10p        (9p)
1601cc to 2000cc             12p      (11p)
Over 2000cc             14p      (14p)

Hybrid cars are treated as either petrol or diesel cars for this purpose.

Source:  https://www.gov.uk/government/publications/advisory-fuel-rates/current-rates

For all current PEAK users the PEAK mileage system has already been updated with the new HMRC rates, so when the new rates come into effect on the 1st they will automatically change.

Rates are revised quarterly so check back for the next update which will take effect on 1st September 2015.

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