Discover the ins and outs of limited company fuel cards in our comprehensive guide. From cost-saving benefits to eligibility criteria, we cover all the essentials to help you navigate this valuable asset for your business.
Table of Contents
- Can a limited company get fuel cards?
- What are fuel cards?
- Fuel card costs
- Fuel cards and tax
- Fuel cards security
- How to get fuel cards
Who Can Get Limited Company Fuel Cards?
Limited companies based in the UK and Ireland are eligible to apply for Fuelwise Fuel Cards. We work with thousands of businesses across the UK and Ireland, helping them to reduce their annual fuel and fleet costs.
For more information on fuel cards for charities, sole traders and partnerships check out blog post in which we discuss who can get a fuel card.
What Are Fuel Cards?
Fuel cards a method of payment specifically designed for purchasing fuel and other vehicle-related expenses. They are for businesses with vehicles, allowing them to efficiently manage fuel costs, track usage, and monitor expenses for individual drivers or vehicles.
Learn more about how fuel cards work.
Fuel Card Benefits
Traditional fuel card customers such as those from the haulage industry will be well aware of the benefit of fuel cards, but there are many benefits for small and medium sized businesses.
Check out these limited company fuel card benefits;
- Reduced fuel costs
- Interest free credit
- Reduced administrative time
- Simple invoicing with clear VAT separation
- Increased security and prevention of fraud
On a separate blog post we have discussed fuel card benefits for employees.
Limited Company Fuel Card Costs
Fuel cards are a lot more affordable for businesses compared to credit cards as they do not charge any interest.
The Fuelwise Fuel Card is different to other fuel cards as it does not have any minimum use or transaction fees.
There are also no signup fees, you simply pay for the fuel purchase.
Fuel Cards And Tax
For businesses reliant on vehicles, managing fuel purchases is crucial. Failure to do so can result in HMRC (UK) or Revenue (Ireland) deeming unaccounted fuel as taxable income, subject to benefit-in-kind tax. This headache is alleviated with fuel cards, as VAT-rated purchases are recorded and consolidated, eliminating the need for manual receipt logging and VAT claim calculations.
Fuel Cards Security
A business fuel card provides various security measures such as purchase limits by timeframe, daily, weekly, monthly. You can also set limits on the amount of fuel that can be purchased. It facilitates spending tracking by driver or vehicle, curbing unnecessary purchases, and removing the need for receipt collection.
How To Get Fuel Cards For Your Limited Company
Arranging fuel cards for your limited company is very simple and can be completed in just one minute.
Simply complete the form and a member of our team will be in contact to arrange the setup of your Fuelwise Fuel Card account.
Marketing Manager at Fuelwise
Dominic has been covering the fuel and fleet management industry for over seven years, writing about Fuel Cards, Telematics, and Vehicle Cameras. In 2023 he was awarded the Excellence In Marketing award at the Causeway Chamber Business Awards, followed by the Best Use Of Social Media In Service/B2B at the 2024 NI Social Media Awards. You can connect with Dominic on LinkedIn here.
