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V2D
V2D short for Visa 2 Drive, also known as Grey Fleet Toolkit or Compliance+
V2D (Visa 2 Drive) consists of Licence checks (UK & International), Insurance document checks, MOT/NCT checks, Tax checks, Fleet Policy and Eye Sight Checks.
AFR/AER
AFR stands for Advisory Fuel Rates - rates that are set by HMRC and reviewed every 3 months, in line with fuel prices. The link to the current rates is below.
https://www.gov.uk/guidance/advisory-fuel-rates
YTD
YTD is an abbreviation for Year to Date which is a calculation often used to determine the cost of private mileage. Year to Date is also referred to as ‘Actual Cost’.
A breakdown of the calculation is below:
YTD Total Costs / YTD Total Miles = Average PPM (Cost Per Mile)
Average PPM * YTD Private Miles = YTD Private Deduction
YTD Private Deduction – YTD Prior Deductions = Month Deduction
Month Deduction - Employee Funded Costs = Payroll Total
The calculation is used to ensure that employees have paid the correct amount for any private fuel, based upon actual usage.
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