Her Majesty’s Revenue and Customs (HMRC) will be making drivers smile this week with the increase for the majority of AFR’s (Advisory Fuel Rates).
With the latest increases in both petrol and diesel at the fuel pumps the HMRC have fairly reflected these prices with their new AFR’s announced late last week. Four out of the six brackets have increased by 1 pence per mile meaning more money back in the drivers pockets, two categories have remained unchanged.
The latest rates, which organisations use to reimburse drivers for fuel used on business journeys, take effect from tomorrow the 1st of June until further notice (approximately 1st September 2016).
For 1 month from the date of change, employers may use either the previous or new current rates, as they choose. Employers may therefore make or require supplementary payments if they so wish, but are under no obligation to do either
New rates in bold, previous rates in brackets.
1400cc or less 10p (10p)
1401cc to 2000cc 13p (12p) +1
Over 2000cc 20p (19p) +1
1600cc or less 8p (9p)
1601cc to 2000cc 10p (10p)
Over 2000cc 11p (12p)
1400cc or less 7p
1401cc to 2000cc 9p
Over 2000cc 13p