Oh noooo

[SBN]

Haven't paid for fuel in a long time... Finally get a m3 and 6 months later they axe fuel card.

Sad times indeed, it was hard enough going to the pump so often but now I have to part with my own cash it will be even tougher

[Terminator X]

Lower tax though with no fuel card

TX.

[SBN]

Silver lining perhaps?

So I do more personal than business miles it was a perk of the job so now I have to claim and I fear even with the tax break it will still be a negative ????

[Terminator X]

Should get 45p p/m too remember on business miles.

TX.

[HoHoHo]

Terminator X said:

Should get 45p p/m too remember on business miles.

TX.

The amount per mile varies from company to company. However as per HMRC rules you are entitled to 45p pm for the first 10000 miles and the 25p pm thereafter.

If you get less than 45p you can claim the difference back from the tax man by way of a yearly claim.

[HoHoHo]

Terminator X said:

Should get 45p p/m too remember on business miles.

TX.

The amount per mile varies from company to company. However as per HMRC rules you are entitled to 45p pm for the first 10000 miles and the 25p pm thereafter.

If you get less than 45p you can claim the difference back from the tax man by way of a yearly claim.

[Hedgetrimmer]

SBN said:

Silver lining perhaps?

So I do more personal than business miles it was a perk of the job so now I have to claim and I fear even with the tax break it will still be a negative ????

It all depends on whether the fuel card was provided with a company car. If so the benefit is based on multiplying £21,700 by the CO2 percentage associated with your company car. eg 20% CO emission equates to a benefit of £4,340, tax thereon at 40% would equate to £1.6k per annum.

If you run a private car and the company pays your fuel then you would normally pay tax based on the amount of private fuel that the company has incurred on behalf of you in any one year. However, your company may have a side agreement that differs with HMRC.

[SBN]

It's ok fuel card is back for the foreseeable future whoop whoop!