HMRC has issued revised advisory fuel rates for company cars which apply from 1 June 2022. All of the rates have been increased since the previous update on 1 March 2022, reflecting the sharp increase in fuel prices over the period.
The latest rates are based on the following fuel prices: £165.10 (petrol) and £179.70 (diesel). As at 8 June 2022, according to the RAC, average fuel prices had risen to £182.31 (petrol), and £188.05 (diesel).
Where an employer pays amounts exceeding the advisory rates, no taxable profit will arise if the employer can show that the actual cost of fuel was equal to, or more than, the amount reimbursed.
HMRC has issued revised advisory fuel rates for company cars which apply from 1 June 2022. All of the rates have been increased since the previous update on 1 March 2022, reflecting the sharp increase in fuel prices over the period.
The latest rates are based on the following fuel prices: £165.10 (petrol) and £179.70 (diesel). As at 8 June 2022, according to the RAC, average fuel prices had risen to £182.31 (petrol), and £188.05 (diesel).
Where an employer pays amounts exceeding the advisory rates, no taxable profit will arise if the employer can show that the actual cost of fuel was equal to, or more than, the amount reimbursed.
