Advisory Fuel Rates from 1st March 2024
Posted on 28th February 2024 by Joanne Stoneman
The approved amount that employers can reimburse staff for business travel in company cars changes from 1st March 2024. What are the new rates?
Advisory fuel rates for company cars are updated on a quarterly basis due to fluctuations in fuel prices. The rates determine the amount that can be paid to an employee using a company car for business mileage, without income tax consequences. HMRC has now published the advisory rates applicable from 1 March 2024. The rates for diesel and petrol engines have decreased, whilst LPG rates have increased.
The rates per mile will be:
Petrol / LPG:
1,400cc or less
Petrol per mile: 13p
LPG per mile: 11p
1,401cc to 2,000cc
Petrol per mile: 15p
LPG per mile: 13p
Over 2,000cc
Petrol per mile: 24p
LPG per mile: 21p
Diesel:
1,600cc or less
Diesel per mile: 12p
1,601cc to 2,000cc
Diesel per mile: 14p
Over 2,000cc
Diesel per mile: 19p