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Petrol Card v Millage Allowance
Options

wglas
Posts: 1 Newbie
Good evening,
I receive a monetary allowance to buy my own car.
I also have the choice of having a fuel card or a mileage allowance.
Can you help me decide / understand what is the best option for me to take?
I will do around 20k business miles a year.
Thanks
1
Comments
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Hello can anyone help? I don't drive so I wouldn't know.Aiming for a minimal spend 20220
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My experience would suggest that the rate paid in mileage allowance is usually below the actual cost (although oil price is down resulting in lower petrol costs) add to this that there is usually a tiered rate that results in lower rate above certain mileage 14K from memory.
If your company pay above the HMRC approved rate it becomes taxable (in part)
given you are doing 20K pa - go with the fuel card 👍
0 -
milton1970 said:
given you are doing 20K pa - go with the fuel card 👍1 -
Disagree - You should not pay tax on fuel card if only used for business purposes
Allowable rates are VERY low
Pay for your private fuel1 -
milton1970 said:Disagree - You should not pay tax on fuel card if only used for business purposes
Allowable rates are VERY low
Pay for your private fuel1
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