Fuel prices
Fuel duty was frozen again (per the Chancellor – the 12th successive year of the freeze).
Vehicle Excise Duty (VED)
VED (Road Tax) for cars, vans and motorcycles will increase in line with the Retail Price Index from 1 April 2022. That for HGVs will be frozen for 2022-23.
Business mileage payments
HMRC sets an approved mileage allowance payment (AMAP) rate. This is the rate at which employers may reimburse business mileage tax-free.
The AMAP rate will remain at 45p for the first 10,000 miles per annum and 25p per mile for any excess.
Company Cars
Car benefit
Fuel benefit
The base figure for calculating the benefit where private fuel is provided alongside a company car will increase with CPI to £25,300 (from £24,600) with effect from 6 April 2022.
The van fuel benefit charge will be £688 (increased from £669) for 2022-23.
Walker Accountancy 