Fuel Cards For Owner Operators

Fuel management is one of the most important tasks for transport company owners and operators. Fuel is one of your biggest expenses and any overspending will have a huge impact on your profits.

Fuel cards are a great way to keep on top of your costs. They provide account management software to monitor your fuel purchases, help to free up administration time and allow you to send accurate claims for VAT refunds on the fuel you buy to HMRC — vital for your company to get the VAT refunds it’s entitled to.

In this article, we’ve listed the best fuel card options for owners and operators and explained the benefits you get from using them.

Fuel cards provide a range of benefits to owners and operators. These include:

• Making it easier to manage your company
• Reducing the time spent on admin tasks
• Helping you get the right tax refunds

Below, we explain each of these benefits in more detail.

Making it easier to manage cash flow for your company

Cash flow management is one of the biggest pressures of running a company. Fuel cards are a way of reducing this stress. This is because they let your drivers buy diesel and petrol when they need it and allow you to pay for these expenses at a more convenient time for your company.

You receive a single invoice for the fuel you buy. This makes it much easier for you to keep track of the diesel and petrol your drivers purchase and for your company to manage its cash flow.

Reducing the time spent on admin tasks

All businesses have essential admin work that must be completed. Fuel cards can help transport company operators to reduce the amount of time that’s spent on these tasks and save money as a result.

All of your fuel expenses need to be recorded to make sure your company accounts are accurate. This means your administrators need to log every paper receipt when your drivers fill-up their vehicles. HMRC rules dictate that these receipts must be kept for four years and cannot only be logged onto your company’s computer system by hand by your admin team.

Fuel cards record these purchases electronically, so your administrators no longer need to enter fuel receipts onto your accounts system.

Helping you get the right tax refunds

Transport company operators can get VAT refunds on the diesel and petrol purchased by their drivers. To get the correct tax refunds from these expenses you need to send in an accurate claim for a refund on the fuel you purchase. Fuel cards help you to do this.

Fuel cards produce HMRC-compliant invoices for the fuel your company buys, which removes the risk of human error when sending your VAT claims to the government. This means you can be sure your company will get the tax refund it’s entitled to.

The best fuel cards for owners and operators of transport companies make work easier for you and your drivers. They simplify the process of managing your business and allow your employees to get the fuel they need to keep your company on the road.

There are many great fuel cards available and it can be tricky knowing which options offer the specific benefits you need. That’s why we’ve highlighted the top ones for owners and operators.

If one of the cards listed below has the benefit you’re looking for then click on the link to find out more about how it can help you, your drivers and your business.