Mileage Allowance - any planned increases

[oxtailsoup]

Was going to post this in the Accounting section but I think its more of a general discussion.

With the cost of fuel rising sharply it seems that the 40p/25p mileage rate are out of date. 40p per mile is still ok but once you are past 10k miles the 25pence rate seems very low.

Anybody know what the price of fuel was when these rates were set originally?

[ThomasSoerensen]

yes

[TheBigYinJames]

40p per mile is still ok but once you are past 10k miles the 25pence rate seems very low.

I do so many miles on this contract that I'm already on the 25p rate :/

[NotAllThere]

The rates haven't changed since 2002, when the UK average pump price of a litre of unleaded petrol was 74.6 pence.

[xoggoth]

Even 40p does not cover costs including repairs and depreciation.

[blacjac]

Unleaded is down to 111.9p a litre round our way today.

Boomed!

[shoes]

With the cost of fuel rising sharply it seems that the 40p/25p mileage rate are out of date.

Yes I expect the government are just about to raise this so that their tax take decreases and people like us in business on our own account get the full benefit of our valid expenses being wholly offset against tax as is right and proper thus allowing us to inwardly invest to further the success of uk plc.



I think you'll find that this is a labour government, it is far more likely they will abolish it and then be confused about how their tax take is down.

[Sockpuppet]

The govt keeps fudging the figures so that the cost of motoring is apparently lower now.

Is it bollocks.

[scooterscot]

40p?! how am I to keep the private jet in the air with that kind of money?

[Peoplesoft bloke]

Yes I expect the government are just about to raise this so that their tax take decreases and people like us in business on our own account get the full benefit of our valid expenses being wholly offset against tax as is right and proper thus allowing us to inwardly invest to further the success of uk plc.



I think you'll find that this is a labour government, it is far more likely they will abolish it and then be confused about how their tax take is down.

a government