Corporate fuel cards are special fuel cards that are specifically designed to fulfill custom fuel needs of a corporate company. Most corporate cards would be customized to cater to bulk fuel demands of the bulk hauliers and fleet operators.
For companies that are offering fleet services, corporate fuel cards are a suitable choice. Some of the major benefits attached to such a plan are the availability of bulk pricing deals. Substantial discounts to pump priced fuel are a part of custom pricing schemes. Such pricing mechanisms are a hallmark of corporate fuel cards. In some instances, the applicable pricing is cheaper by up to 3 pence a litre.
Adding to the advantage of custom discounted pricing, a corporate fuel card has a much better payment term cycle. If the company has a good credit history, a payment cycle of 4 weeks is not uncommon to avail. A customized payment cycle is a direct benefit for your business if it is eligible to apply for a corporate fuel card.
Finally, one of the major benefits of using a corporate fuel card would be ease by which you can claim VAT expenses on the fuel purchases. An HMRC VAT compliant invoice would ensure that the paid-up VAT charges can be reclaimed as a business expense. Having a corporate fuel card ensures that you receive VAT compliant invoice. Such an invoice will list out your fuel purchases for the billing cycle in complete and comprehensive detail. This will also give you granular details of a fuel transaction. Details such as quantity of fuel filled-up, the time of transaction are listed as part of the fuel transaction details on the invoice statements. VAT component of the fuel purchased is added as a separate line item and thus ensures that you are looking at a complete detailed fuel transaction record for all financial and legal purposes.
Getting a corporate fuel card could be a wise step forward for your company. Check out if your company is eligible for a custom corporate fuel card.