Fleet News

Fleet records risk from the taxman

UK businesses that fail to manage their commercial fleet records properly are being warned they risk being hit by fines totalling more than £2 million pounds this year.

New findings from The Miles Consultancy – released on the back of Chamber of Commerce meetings where this issue was reported – reveal that Revenue & Customs (HMRC) officials will take a hard line where they uncover irregularities in companies’ fuel and mileage payments.

Derby-based vehicle leasing company Fleet Evolution said that errors, such as the failure to report private fuel funding, and not declaring the use of a light commercial vehicle (LCV) privately, could turn out to be significant, getting fined is something which is totally avoidable.

Andrew Leech, Fleet Evolution managing director, wants to warn firms that they could also break the law by rounding-up work-related mileage figures, keeping incorrect records, claiming commuting-to-work mileage or reimbursing staff above the statutory mileage AMAP rates, without applying tax.

“These findings are a wake-up call. This is sure to be the tip of the iceberg in terms of fines from HMRC. Investigations will only become more common as more anomalies are unearthed,” said Leech.
 


Leave a comment for your chance to win £20 of John Lewis vouchers.

Every issue of Fleet News the editor picks his favourite comment from the past two weeks – get involved for your chance to appear in print and win!

Login to comment

Comments

No comments have been made yet.

Compare costs of your company cars

Looking to acquire new vehicles? Check how much they'll cost to run with our Car Running Cost calculator.

What is your BIK car tax liability?

The Fleet News car tax calculator lets you work out tax costs for both employer and employee