Tue, 5 March 2019
Fuel is one of the greatest expenses for trucking companies. It powers your businesses and keeps your drivers moving. If you fail to keep your fuel costs under control you’ll spend more than you need to on diesel and petrol and reduce your profit margins.
In this article, we’ve explained how fuel cards for trucking companies help you to manage your costs, save time on your bookkeeping tasks and get the VAT refunds your business is entitled to.
Fuel cards are designed to make it easier to manage your business and simpler for your drivers to do their jobs. They have some clear benefits for trucking companies and we’ve highlighted the three key ones for you.
Fuel cards can help your business save money in two ways:
The BP Plus Bunker fuel card is the best example of the consistent discounts you can get. Your company can save up to £0.07 per litre when your drivers use this card to refuel at motorway service stations.
The Texaco Fastfuel fuel card is one of the only UK fuel cards that provides wholesale rates for diesel and petrol. This means your business can buy the fuel it needs at a considerably lower price than it would be able to from retail stations.
Running a trucking company means you need to use bunker sites to refuel your vehicles.
Fuel cards make this easier for your business because there are specialist ones available that are designed to be used at diesel bunker sites.
As you can tell from the name, the BP Plus Bunker fuel card is made for businesses like your own that need to use bunker sites. It allows your drivers to fill up at around 600 sites that are in key A road and motorway locations.
Selecting a card like the BP Plus Bunker makes it easier for you to keep your trucks on the road, as your drivers always have ready access to the fuel they need.
Bookkeeping and VAT payments are serious issues for your business.
You need to submit your fuel accounts to HMRC to reclaim VAT and these must be accurate. If you under-claim VAT refunds then you are likely never to realise the money you have lost. If you claim too much VAT then you could be subject to a criminal prosecution for tax fraud, the result of which could be a prison sentence.
Fuel cards automate your bookkeeping and help you to claim back fuel VAT easily.
They automate your bookkeeping because every fuel transaction is recorded in the management portal, sometimes within minutes of your drivers making the payment. This means you no longer need to manually log receipts for your diesel and petrol.
This automated logging of receipts saves you time and effort if you need to reclaim VAT because you can download invoices that are formatted to be HMRC-compliant.
The best fuel cards for trucking companies give you great coverage, simplified account management and a secure payment method that protects your business against fraud.
We’ve listed five great cards that offer your business all of these things. Click on the link for the card you’re interested in to learn more about how it can help your company.
|Fuel Card Name||Key Benefit||iCompario star rating|
|TruckOne Fuel Card||Accepted at over 3,000 stations||★★★★★|
|BP Plus Bunker Fuel Card||Access stations with 24/7 service||★★★★|
|European Diesel Fuel Card||European coverage||★★★★|
|Diesel Tracker Fuel Card||Pay a fixed price for your diesel||★★★★|
|Texaco Fastfuel Card||Wholesale fuel rates||★★★★|
iCompario is the free online marketplace for business products and services, where managers and owners can research and rapidly compare fuel cards, vehicle tracking systems, insurance, telecoms and other essentials. The team follows up online queries by telephone so every site visitor finds their ideal, future-proof product at the best price possible.
We’ve highlighted the fuel cards our experts think are the best options for trucking companies but they aren’t the only ones you can choose from. If you want to see how these five cards compare to the other options then use our fuel card comparison form.