Business Mileage Rate 2024. Understanding and effectively applying these rates can lead to more accurate budgeting, financial forecasting, and tax optimization. Here's our guide to properly apply that rate to your business needs.
The 2024 business mileage standard rate increased to 1.5 cents from the 2023 rate of 65.5 cents and will go into effect january 1, 2024. The attached document is classified by hmrc as guidance and contains information about rates and allowances for travel, including mileage and fuel allowances.