HMRC has published new advisory fuel rates for company cars and motor allowances to operate from 1st March 2014. For one month from the date of change, employers may use either the previous or new current rates, as they choose.
According to HMRC, this is due to the price of fuel decreasing. However, they will no longer consider changing the rates if fuel prices fluctuate by 5 per cent from the published rates.
The figures can also be used for VAT purposes as long as it is in line with current regulation.
Click here to find out the new fuel rates.