Kcl Finance Mileage Rates

King's College London (KCL) Finance operates a mileage rate policy to reimburse employees for expenses incurred when using their personal vehicles for authorized business travel. These rates are designed to cover the cost of fuel, wear and tear on the vehicle, and other related expenses. Understanding the current mileage rates is crucial for KCL employees who need to travel for work.

KCL's mileage rates are typically aligned with the HMRC (Her Majesty's Revenue and Customs) Approved Mileage Allowance Payments (AMAP) rates. HMRC sets these rates, and they're considered a benchmark for fair and reasonable reimbursement. Adhering to these benchmarks also simplifies tax reporting for both the employee and the institution.

As of late 2023 and early 2024, the standard HMRC AMAP rate for cars and vans is 45 pence per mile for the first 10,000 business miles in a tax year. After the initial 10,000 miles, the rate drops to 25 pence per mile. It's important to check KCL's internal policies and the HMRC website for the most up-to-date figures, as these rates can change periodically based on economic factors like fuel costs.

For motorcycles, the HMRC AMAP rate is generally 24 pence per mile, regardless of the number of miles driven. For bicycles, the rate is typically 20 pence per mile.

KCL's policy usually reflects these rates but may have specific internal processes for claiming mileage. Employees are generally required to submit a detailed expense claim form, including the date of travel, the purpose of the journey, the start and end locations, and the total number of miles travelled. Supporting documentation, such as a journey planner printout or a receipt for parking, might also be requested.

It's critical to remember that the mileage rates are intended to cover all vehicle-related costs. Therefore, employees cannot typically claim separately for items like fuel, insurance, or vehicle maintenance. The mileage rate encompasses these expenses. KCL employees should familiarise themselves with the institution's specific finance policies regarding allowable expenses and the correct procedures for claiming them.

Furthermore, KCL's finance department may offer alternative travel options, such as public transport or rental cars, and may encourage employees to consider these options where they are more cost-effective or environmentally friendly. Choosing the most efficient and appropriate mode of transport is often a requirement of responsible expenditure within the institution.

Finally, employees should consult KCL's finance department or their line manager for clarification on any specific questions regarding mileage rates and expense claim procedures. Official KCL policy documents are the definitive source of information and should always be referenced when making a claim.