The HMRC company car advisory fuel rates that apply from June 2024 have been increased by between 1p and 2p for petrol and diesel vehicles.
These HMRC rates only apply to:
• Reimburse employees for business travel in their company cars; or
• Require employees to repay the cost of fuel used for private travel.
Electric cars - The advisory electricity rate for fully electric cars has been reduced to 8p per mile. Electricity is not a fuel for car fuel benefit purposes.
When employees are reimbursed up to the advisory fuel rates for business travel in their company cars, HMRC will accept there is no taxable profit and no Class 1A national Insurance arising.
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Advisory fuel rates from 1 June 2024
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