Latest news with #Class1NationalInsurance
Western Telegraph
2 days ago
- Automotive
- Western Telegraph
HMRC to soon announce big change that'll affect all drivers
Petrol Engines up to 1,400cc - 12 pence Between 1,401cc and 2,000cc - 14 pence Over 2,000cc - 22 pence Diesel Engines up to 1,600cc - 11 pence Between 1,601cc and 2,000cc - 13 pence Over 2,000cc - 17 pence Liquified Petroleum Gas (LPG) Engines up to 1,400cc - 11 pence Between 1,401cc and 2,000cc - 13 pence Over 2,000cc - 21 pence Electric All electric vehicles - seven pence These rates only apply to employees using a company car. Use the rates when you either reimburse employees for business travel in their company cars or need employees to repay the cost of fuel used for private travel. You must not use these rates in any other circumstances. HMRC says: "If the mileage rate you pay is no higher than the advisory fuel rates for the engine size and fuel type of the company car, there will be no taxable profit and no Class 1A National Insurance to pay. "If your cars are more fuel efficient, or if the cost of business travel is higher than the guideline rates, you can use your own rates to reflect your situation. Recommended reading: "If you pay rates that are higher than the advisory rates but cannot show that the fuel cost per mile is higher, there will be no fuel benefit charge if the mileage payments are only for business travel. Instead, you'll have to treat any excess as taxable profit and as earnings for Class 1 National Insurance purposes. "There will be no fuel benefit charge if you correctly record all private travel mileage and use the correct rate (or higher), to work out how much your employees must repay you for fuel used for private travel. "You will not need to use the advisory rates where you can show that employees cover the full cost of private fuel by repaying at a lower mileage rate."
The Herald Scotland
2 days ago
- Automotive
- The Herald Scotland
HMRC to soon announce big change that'll affect all drivers
Petrol Engines up to 1,400cc - 12 pence Between 1,401cc and 2,000cc - 14 pence Over 2,000cc - 22 pence Diesel Engines up to 1,600cc - 11 pence Between 1,601cc and 2,000cc - 13 pence Over 2,000cc - 17 pence Liquified Petroleum Gas (LPG) Engines up to 1,400cc - 11 pence Between 1,401cc and 2,000cc - 13 pence Over 2,000cc - 21 pence Electric All electric vehicles - seven pence These rates only apply to employees using a company car. Use the rates when you either reimburse employees for business travel in their company cars or need employees to repay the cost of fuel used for private travel. You must not use these rates in any other circumstances. HMRC says: "If the mileage rate you pay is no higher than the advisory fuel rates for the engine size and fuel type of the company car, there will be no taxable profit and no Class 1A National Insurance to pay. "If your cars are more fuel efficient, or if the cost of business travel is higher than the guideline rates, you can use your own rates to reflect your situation. Recommended reading: "If you pay rates that are higher than the advisory rates but cannot show that the fuel cost per mile is higher, there will be no fuel benefit charge if the mileage payments are only for business travel. Instead, you'll have to treat any excess as taxable profit and as earnings for Class 1 National Insurance purposes. "There will be no fuel benefit charge if you correctly record all private travel mileage and use the correct rate (or higher), to work out how much your employees must repay you for fuel used for private travel. "You will not need to use the advisory rates where you can show that employees cover the full cost of private fuel by repaying at a lower mileage rate."
South Wales Argus
2 days ago
- Automotive
- South Wales Argus
HMRC to soon announce big change that'll affect all drivers
Petrol Engines up to 1,400cc - 12 pence Between 1,401cc and 2,000cc - 14 pence Over 2,000cc - 22 pence Diesel Engines up to 1,600cc - 11 pence Between 1,601cc and 2,000cc - 13 pence Over 2,000cc - 17 pence Liquified Petroleum Gas (LPG) Engines up to 1,400cc - 11 pence Between 1,401cc and 2,000cc - 13 pence Over 2,000cc - 21 pence Electric All electric vehicles - seven pence These rates only apply to employees using a company car. Use the rates when you either reimburse employees for business travel in their company cars or need employees to repay the cost of fuel used for private travel. You must not use these rates in any other circumstances. HMRC says: "If the mileage rate you pay is no higher than the advisory fuel rates for the engine size and fuel type of the company car, there will be no taxable profit and no Class 1A National Insurance to pay. "If your cars are more fuel efficient, or if the cost of business travel is higher than the guideline rates, you can use your own rates to reflect your situation. Recommended reading: "If you pay rates that are higher than the advisory rates but cannot show that the fuel cost per mile is higher, there will be no fuel benefit charge if the mileage payments are only for business travel. Instead, you'll have to treat any excess as taxable profit and as earnings for Class 1 National Insurance purposes. "There will be no fuel benefit charge if you correctly record all private travel mileage and use the correct rate (or higher), to work out how much your employees must repay you for fuel used for private travel. "You will not need to use the advisory rates where you can show that employees cover the full cost of private fuel by repaying at a lower mileage rate."
