Tricks to cheap fuel?

[xs2man]

I pay for all of my fuel with the Santander 123 Credit Card which give me 3% cash back on a maximum combined monthly spend of £100 (So £3 max per month). I also try and fill up a shell fuel stations and use their points card which gives me some money off vouchers every 3 months. Overall though, the savings don't really add up to much.

That doesn't sound right to me. I also use a Santander card, and only use it for fuel, and anywhere that doesn't accept American Express, so not much in the way of "extra" cash back over the petrol. I'm due about £150 back this year with it. I thought it was £250 per month on "transport", it was when I took it out.

I also buy my fuel from Morrisons usually. Along with my shopping. Their miles and more give you a £5 back after 5,000 points collected. Points are mostly gained from fuel purchases here too.

I also buy gift cards from them. For every £10 on gift cards, you get 1p off per litre. So whenever I buy from Amazon / Argos / wherever they sell gift cards from, I buy them at Morrisons. Often get 10-20p off per litre with them. Great with my Range Rovers 100L tank. But usually manage 63-65L in both the 5 series and Alhambra too.

So I usually get 3% off card, probably average another 3-5% off gift cards, and whatever off the miles and more on top (I only spend the £5 vouchers on shopping though to maximise the cash back on fuel).

I do around 25k per year, so it adds up.

 

[Dr Who]

The best solution is learn to drive more economically. That would cover the cost difference which is why the 11p a Mile is in place. You should be able to achieve 35mpg with that vehicle, I managed that on an X5 4.0D auto, and Autoexpress managed 36.7 with your vehicle.

You can also claim for a higher amount on your yearly tax return, to get the tax back on the difference between the inland revenue rate and the reimbursement costs provided by your company.

 

[Jez]

You can also claim for a higher amount on your yearly tax return, the difference between the inland revenue rate and the reimbursement costs provided by your company.

This is a common misunderstanding which i hear all the time. Through a tax return you can claim tax relief on the difference, very different to claiming fuel mileage from the government

 

[Dr Who]

This is a common misunderstanding which i hear all the time. Through a tax return you can claim tax relief on the difference, very different to claiming fuel mileage from the government

It isn't a common misunderstanding, it is exactly as I wrote, of course you only get the tax back on the 45p a mile, that is all you have paid through PAYE but tax on 34p is 6.8p which more than covers the amount he is looking for.

The 45p has only ever been a tax free allowance, ie if you do 10,000 miles you claim 10,000x45p as a tax free allowance returning 9p per mile for a 20% tax payer.

Have edited for clarity.

 

[Joe T]

I posted this in Post #12 anyway

 

[Dr Who]

Well done, you get the cookie

 

[Pug]

The best solution is learn to drive more economically. That would cover the cost difference which is why the 11p a Mile is in place. You should be able to achieve 35mpg with that vehicle, I managed that on an X5 4.0D auto, and Autoexpress managed 36.7 with your vehicle.

Haha not a chance i can get 35mpg out of this thing! wishful.

Regarding claiming the tax back, what details do i need to keep to achieve this? Miles claimed and rate paid i guess?

Is this still possible even with a company allowance (as opposed to self-funded car)?

Also, any chance toy can claim at the higher rate of tax (seeing as they like to claim that from me)?

 

[Joe T]

Haha not a chance i can get 35mpg out of this thing! wishful.

Regarding claiming the tax back, what details do i need to keep to achieve this? Miles claimed and rate paid i guess?

Is this still possible even with a company allowance (as opposed to self-funded car)?

Also, any chance toy can claim at the higher rate of tax (seeing as they like to claim that from me)?

You should be able to get just over 30 out of it - we did when we had one a few years back.

You can claim through here: https://www.gov.uk/tax-relief-for-employees/how-to-claim If you dont do Self Assessment then you can do Form P87. They will then recalculate how much tax you owe, with the relief. You will therefore save at your marginal rate (which sounds like it would be 40%).

Effecitvely what is happening is that the company have paid you the difference between 15p and 45p in your salary, allowance, or whatever, and that amount is tax deductible.

Does that make sense?