Reviewing Mileage Rates to Support Working Professionals
Millions of drivers claiming vehicle expenses could benefit from an updated review of approved mileage rates to better reflect rising fuel and operating costs.
As the cost of living and inflation continue to impact households across the country, millions of workers who rely on their personal vehicles for business or work-related travel could soon see relief in the form of updated mileage rates. The approved mileage rates, which determine the per-mile reimbursement available to employees and self-employed individuals, have not been adjusted since the start of the pandemic and fail to account for the significant rise in fuel prices and other vehicle operating expenses over the past two years.
According to data from the Internal Revenue Service (IRS), the standard mileage rate for 2022 is 58.5 cents per mile, a rate that was set in late 2021 before inflation and gas prices began to surge. With the national average price of gasoline now exceeding $4 per gallon, many workers are finding that this rate no longer adequately covers their actual costs of driving for work.
{{IMAGE_PLACEHOLDER}}Source: UK Government
