Review of Approved Mileage Rates promised
The government has confirmed that it will (finally!) review its approved mileage rates before a future Budget.
Many businesses use HMRC’s approved mileage rates to reimburse directors and employees for the cost of using their own vehicle when travelling for business. The current rates have not changed since 2011, although motoring costs have increased significantly in that time.
Calls have been increasing for the existing mileage rates to be reviewed, and they finally seem to have been heard. Sadly, there’s no indication yet when a review will take effect, with the government’s statement simply specifying ‘a future Budget’.
We will of course keep you posted with any updates to the approved mileage rates as they’re announced!
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