Latest Fuel News

As a supplier of many Fuel Card products, we believe that the recent spate of scams on the forecourt show that Fuel Cards are a far safer alternative to credit cards.

Approximately 200 filling stations were targeted across the UK in a multi-million pound credit card skimming operation, which was allegedly masterminded by Tamil Tiger terrorists in order to fund its battle with the Sri Lankan government.

Innocent customers at the forecourt lost millions from credit and debit cards after using the cards to pay for goods where ‘skimming’ equipment had been fitted.

The good news for companies who have elected to use Fuel Cards rather than credit cards is the fact that they do not hold any personal banking details and so therefore cannot be used to access bank accounts, nor can they be used at any cashpoint or to obtain cash in any way, leaving the company protected.

The ‘Benefit in Kind’ tax that was payable for private use of company vans has changed with effect from the 6th April 2007 as new scale charges have now come into force.

Unfortunately for those who use their company vans for private use will have to pay more tax from the above date, the details of which we have set out below:

 Before April 6 2007 the tax payable on a van up to 4 years old and made available to an employee for private use was £110 a year for a 22% tax payer, or £200 a year for a 40% tax payer. This included the fuel that was provided by the employer for private use. For a van over 4 years old the amounts were £77.00 (22% tax) and £140 (40% tax).

 After April 6 2007 the discount for the older vans has been removed and the amount on which tax is payable for unrestricted private use has increased to £3000.00. If the employer provides fuel for unrestricted private use then an additional fuel charge of £500.00 will apply.

So in conclusion after April 6 2007 the annual tax rises to £660.00 for a 22 % tax payer, or £1200.00 for a 40% tax payer. Where the fuel is provided for private use after this date the tax rises to £770.00 (22% tax payer) or £1400.00 (40% tax payer).