Fuel iQ enables you to move away from free fuel whilst ensuring that no one is out of pocket. Why? Because fully expensed fuel cards are a popular benefit, but they can prove very costly to both employees and employers.
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 national insurance on the value of the benefit.
With Fuel iQ, we work with you to come up with a policy and process to move away from fully expensed employees whilst ensuring that no employees end up out of pocket.
Move Away From Free Fuel: The Process
- We analyse the data on employees and ascertain which employees would be better off without free fuel and which would not
- We pull together statements and explanations to demonstrate this
- For those who genuinely benefit from being fully expensed, we will work out what compensation is required to buy them out of the benefit
- We liaise with the employee and answer any questions directly
We will be there to help with every step of the way.
Employees can still use their fuel cards, so the business can still retain all the benefits fuel cards bring. Our team will simply provide a payroll file each month to deduct the private mileage owed by each driver based on their mileage submissions.
For more information on how this could be beneficial to your business, don’t hesitate to reach out to us!