The tier 1 rates reflect an overall increase in vehicle running costs largely due to fuel costs. You can find them on our website.
The tier one rate is used for the first 14,000 kilometres travelled by the vehicle in a tax year (including both business and personal purposes). Sole traders or qualifying close companies can use the kilometer rate method to claim business vehicle costs;
After 14,000 Km The Rates Are Lower, And Differ.
Use our kilometre rates to calculate the deduction for costs and depreciation.
This Rate Applies To Self Employed Taxpayers With Up To A Maximum.
This new rate applies for the 2024 year (i.e., 1 april 2023โ31.
Images References :
This New Rate Applies For The 2024 Year (I.e., 1 April 2023โ31.
Inland revenue has advised the new mileage rate for motor vehicles is 77 cents per kilometre.
In Accordance With S De 12 (4) The Commissioner Is Required To Set And Publish Kilometre.
