TMC mileage rates unlock cost savings for plug-in fleets
Fleets looking to set fair business mileage payment levels for electric vehicles and plug-in hybrids can benefit from latest TMC data.
HMRC is yet to publish official Advisory Fuel Rates and Approved Mileage Allowance Payments for plug-in vehicles – prompting ACFO to launch a petition this week demanding the introduction of AFRs, which it said could help drive fleet take-up of such vehicles. But mileage and expenses management specialist TMC launched a guide last summer showing how fleets can calculate their own rates.
This has now been updated in line with the latest HMRC advice on reimbursing employees for electricity supplied at their home and/or at their workplace.
Paul Hollick, managing director of TMC, said: “Reimbursement remains a significant area of uncertainty for companies considering adopting electromobility, so everyone will be watching how HMRC respond to the new petition organised by the Association of Car Fleet Operators asking it to publish AFRs for plug-in cars, which we are very much behind.
“In the meantime, the key point businesses and drivers should bear in mind is that fuel cost-savings from EVs are already here for the taking. Our guide describes how to capture those savings today by paying rates that fairly reflect EVs’ real-world cost-per-mile potential, using methods that fully comply with the rules on fuel reimbursement. Don’t let the lack of an ‘official rate’ hold you back.”
TMC’s monthly reimbursement figures draw upon data supplied from TMC customers using workplace EV charging stations, combined with information from its mileage capture and expense management tools, including the drivers’ use of public charging facilities. As a result, the firm said its rates are accurate and fair.
TMC’s guide also contains advice on settling claims for business mileage incurred by private plug-in owners, describing how fleets can calculate the correct adjustments to AMAPs.
To obtain a copy of the guide, click here.