Providing employees with a fully expensed fuel card is a popular benefit, however, in a lot of instances, employees end up paying more in tax for the ‘benefit’ of private fuel than the actual cost of the fuel itself.
And it’s not a great deal for the business either – which pays for the cost of the fuel plus employer NI on the value of the benefit.
With Fuel IQ, TMC work with you to come up with a policy and process to move away from free fuel whilst ensuring no one is out of pocket.
TMC can ascertain which employees would be better off without it and provide individual statements and explanations to demonstrate this. We will liaise with the employee and answer any questions directly.
For those who genuinely benefit from ‘free fuel’, we will work out what compensation is required to buy them out of the benefit. Again, we will provide statements and explanations and are on hand to answer any questions your employees may have.
We will help every step of the way.
Employees can still use their fuel cards, so the business can still retain all the benefits fuel cards bring. TMC will simply provide a payroll file each month to deduct private mileage.
If you have any questions, or would like to find out more, please don’t hesitate to get in touch.