Some simple reminders on how to keep the taxman – and your finance team – happy
Uncertainty over the cost of fuel is the biggest headache for fleet managers and operations directors. Fluctuating prices mean it’s difficult for a business’s fleet arm to provide accurate numbers to the finance team.
It’s one of the most significant factors for haulage and transport-heavy businesses, and it moves sharply into focus for companies at the start of each new tax year.
Managing fuel expenses is a crucial and extremely effective way for your business to gain more control, improve the bottom line and stay competitive in a challenging market.
Reviewing and adjusting fuel budgets and promoting fuel-efficient driving practices with the help of intuitive fuel management software are effective first steps in gaining a tighter grip on your numbers.
That’s where you’re ahead of the game as a fuelGenie and fuelGenie+ customer, by making the most of packages that allow your business to take greater control of their outgoings, streamline expense reporting and make forecasting the future a lot easier.
If you haven’t carried out a business review of your spending, fuel patterns and driver limits, then now is the perfect time with the new tax year underway.
Setting driver limits
Imagine the days before a fuelGenie card when drivers randomly headed to forecourts to refuel not knowing how much a full tank would be. Today those business arguably wouldn’t survive, let alone thrive.
That’s why our customers who partner with us benefit from the tools to better organise drivers and set specific limits on purchases that can be monitored or adjusted in real-time, depending on financial targets.
Because fuel expenses can rapidly spiral out of control, the new tax year is the perfect time to lay down boundaries to prevent overspend and encourage economical behaviours in drivers.
The clear spending limits the fuelGenie and fuelGenie+ online and app-based account management system brings allows our card holders to operate to a healthy budget and forecast expenditure more reliably.
How is it saving your business money?
Both cards allow exclusive access to a network of low-cost supermarket fuel stations – Tesco, Morrisons and Sainsbury’s – with fuel savings 3p per litre below the national average.
As you know the fuelGenie card is free to use and there are no hidden surcharges or minimum spends. Just pay the pump price for the fuel your business uses, and your single invoice shows all the transactions made on your account. If you haven’t, setting purchase limits that ensure drivers stick to the budget is a great idea.
Meanwhile, fuelGenie+ expands these benefits by including access to even more petrol stations including most Shell stations, so wherever your routes take your drivers they’ll always be close to a cheap fuel forecourt.
Regular monitoring of fuel usage and purchase patterns alongside enhanced driver training can help businesses identify areas for improvement. The first two, aligned with benefits such as fuel discounts, rewards and streamlined expense reporting, make fuelGenie a new tax year essential.
Make sure you don’t miss out on the full functionality that fuelgenie membership brings. A small tweak to your route planning, limit setting or VAT returns could make a huge difference.
Which card is right for you?
Every business has its own needs and preferences when it comes to managing its drivers’ fuel expenses. fuelGenie offers a range of bespoke options to cater for most operational requirements.
The standard fuelGenie card gives easy access to consistently low-cost fuel at Tesco, Morrisons, and Sainsbury’s and is the perfect choice for businesses looking to streamline fuel expenses without compromising on convenience. Find out more about the fuelGenie card’s benefits in our article “Remember your fuelGenie benefits”.
For businesses with larger fleets or those looking for a larger choice of refuelling locations, the fuelGenie+ card offers existing customers – and those with growing fleets – even more. It includes all the advantages of the standard card along with access to a wider network of petrol stations including most Shell stations, as well as forecourts capable of handling larger HGVs.
Thinking about an upgrade? Visit our You asked, we answered: Q&A to find out more.
Are you making the most of your cards to grow the bottom line?
Having the clear sight of fuel expenditure that fuelGenie’s online account management and fuel consumption reporting brings, is just the beginning.
It’s even more effective paired with analysis of delivery routes, improved vehicle efficiency, reducing idling time, driver training programmes, speed limit compliance, vehicle maintenance and mileage tracking. Make sure your finance team constantly assesses outlay and uses the software to dive deeper into any factors contributing to higher or lower spends.
Aggressive driving behaviour such as rapid acceleration, hard braking, and excessive idling can significantly increase fuel consumption. All can be identified through deep dives into the easy-to-follow fuel management dashboard.
The fuelGenie package generates reports to help you better understand your fuel consumption, identify areas where costs can be reduced and allow you to seize control of fuel usage to make data-driven decisions to reduce costs in the new tax year.
Why it’s important… now
Understanding the impact of taxation on fuel costs is crucial for businesses to plan and budget effectively. By staying informed about changes in tax regulations and understanding factors influencing fuel costs, you can make informed decisions regarding fuel spend and plan for tax-efficient fuel usage.
This includes understanding the taxation structure for fleet vehicles and exploring opportunities to reduce tax liabilities. Understanding the impact of taxation on fuel costs means businesses can better manage their expenses and minimise tax burdens.
Being proactive and navigating new tax regulations is essential for businesses to comply with legal requirements and manage their fuel costs. That’s where fuelGenie’s HMRC compliant invoices can save hours of time in admin and VAT claims.
Our customers know that gaining control of fuel costs is the route to business success. With fuelGenie and fuelGenie+ they have the tools and options to find solutions and join the many businesses moving towards a future of efficiency and financial well-being.
