To help you make further savings on fuel costs, TMC also offers a number of other services including:
- Monthly report supporting VAT reclaim on business fuel spend in line with local country legislation
- For the UK market, enables the recovery of actual VAT incurred, rather than on HMRC’s scale rate basis.
- Drivers can upload all their receipts onto the TMC system.
- Receipts can be used to prepare monthly or quarterly reports for VAT reclaim.
If your business offers drivers a cash allowance in lieu of a company car then you can make immediate savings in Class 1A National Insurance by making the most of the Approved Mileage Allowance Payments (AMAPs).
By changing the way the cash allowance and mileage expenses are paid both your business and your employees could be better off. The employee relinquishes part of their cash for car allowance in favour of tax-efficient reimbursements via AMAPs.
The adjustment to the cash allowance reduces the employee’s liability for income tax and NI while the mileage allowance payment is free from tax and NI contributions. As well as its advantages for employees, the process generates Class 1A NI savings for your business due to the reduction in cash allowances.
Each month, we use the captured mileage to create the necessary payroll reports for your business.
To read more about our services, you can download our brochure here