Personal Fuel Card

bevanoli

Hi,

I do about 30k a year in a seat leon FR 2.0 tdi, luckily i get about 50MPG as i dont boot it on business millage.

I claim back 0.12p per mile which is good enough but with the raise in fuel prices, i wouldnt mind making it a bit easier.

am i able to have a fuel card which allows me to get a cheaper rate from petrol stations not through business, through me personally and if i did, would I have to pay tax?

Cheers

Mark

BoGoF

Personally never heard of such a card.

Profit margins are so small they would be selling it at a loss if it was discounted.

badlyoverdrawn

Doubt this exists. I been looking for a years for this. Best bet is trying to get the company you work for to commit to fuel cards.

ncthomas1

The specified rate from HMRC is 0.40p/ mile
Tax relief for business mileage in your own vehicle

You may be able to get tax relief for business mileage if you use your own vehicle for work. It can be a car, van, motorcycle or cycle.
You can work out the amount of tax relief – called ‘Mileage Allowance Relief’ - to which you are entitled like this:
1. add up your business miles travelled in the tax year
2. multiply your business miles by the approved mileage rate to work out the approved amount – follow the link below for the latest approved mileage rates
3. add up any mileage allowance payments received from your employer
4. compare any mileage allowance payments received with the approved amount
If the approved amount's more, you're entitled to Mileage Allowance Relief on the difference.
For example, you use your own car for 850 business miles and your employer pays you 30p per mile. The approved amount is £340 (850 times 40p). The allowance you get from your employer is £255 (850 times 30p). Your Mileage Allowance Relief is £85 (£340 less £255).
You are only entitled to Mileage Allowance Relief if your employer pays you:

• no mileage allowance
• less than the approved amount
  If your employer pays you more than the approved amount, you'll have to pay tax on the extra.

ncthomas1

Sorry I cant post a link but you REALLY need to look at
www DOT hmrc DOT gov DOT uk FORWARD SLASH incometax FORWARD SLASH relief-mileage DOT htm

ncthomas1

Records you must keep

You need to keep records of dates, mileage and details of all work journeys. Your employer needs this information to make expenses payments to you. You also need them to get any Mileage Allowance Relief.

ncthomas1

Approved mileage rates From 2002/03First 10,000 business miles in the tax yearEach business mile over 10,000 in the tax yearCars and vans40p25pMotor cycles24p24pBicycles20p20p
Getting tax relief for expenses if you don't fill in a tax return

If you don't have to fill in a tax return, you can get tax relief for your allowable expenses by:

• letter
• phone
• filling in form P810 Tax Review
• filling in form P87 Tax relief for expenses of employment

By letter

The first time you ask for tax relief for your expenses you'll have to contact HMRC in writing. If your expenses are over £1,000 they will ask you to fill in form P87 to give more details.
By phone

If you phone HMRC to ask for relief for your expenses they will only be able to give you tax relief if all of the following conditions are met:

• your expenses are less than £1,000 (or £2,500 for professional fees and subscriptions)
• you've claimed them in a previous tax year
• HMRC has accepted your earlier claim
• you haven’t already been sent a P87 to complete

If you meet the conditions, HMRC will give you tax relief right away and repay any tax you've overpaid. Otherwise, you'll have to fill in form P87 before they can allow your claim.

bevanoli

okay thanks guys.. doh! darn petrol prices!

MontyVeda

bevanoli wrote: »

Hi,

I do about 30k a year in a seat leon FR 2.0 tdi, luckily i get about 50MPG as i dont boot it on business millage.

I claim back 0.12p per mile which is good enough but with the raise in fuel prices, i wouldnt mind making it a bit easier.

am i able to have a fuel card which allows me to get a cheaper rate from petrol stations not through business, through me personally and if i did, would I have to pay tax?

Cheers

Mark

Apparently there is a personal fuel card available but I can't give you any information... I've been asked to write the copy for a fuel card provider and am waiting for the info from them before i can get started... when i know more I'll post it here, but there is one available:j