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Company Cars – Advisory Fuel Rates from 1 June 2014

Company Cars – Advisory Fuel Rates from 1 June 2014

HM Revenue and Customs (HMRC) have left petrol and diesel Advisory Fuel Rates (AFRs) at the same level with a change to the rate for LPG vehicles with an engine size greater than 2,000cc, which has decreased from 17p to 16p cancelling out the 1p increase implemented from 1 March 2014.

The latest rates, which organisations use to reimburse drivers for fuel used on business journeys, apply to all journeys on or after 1 June 2014.

The new company cars business mileage rates are listed below:

 

Engine Size Petrol LPG
1400cc or less 14p 9p
1401cc to 2000cc 16p 11p
Over 2000cc 24p 16p

 

Engine Size Diesel
1600cc or less 12p
1601cc to 2000cc 14p
Over 2000cc 17p

 

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

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 1 September 2014.

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