HMRC’s new fuel rates for company cars, starting September 1, 2023, offer flexibility during the initial month of implementation. Employers can choose between previous and new rates, and supplement payments are optional. Hybrid cars are classified as petrol or diesel cars. These rates are eligible for VAT, but retaining receipts is vital. The advisory rate for fully electric cars rises to 10p per mile, excluding electricity from fuel benefit calculations.

WIM Accountants are here to help businesses with their accounting and taxation needs.

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