[john63.]

i understand you can claim 40p a mile so for instance 100 miles is 40 pound does that mean you put 40 pound as your expenses hope you all understand.

[Pope vader]

no your expensie is the fuel you put in   then when u do  a tax return you do the mileage

[combat1]

If its for your last tax year you can claim 40p per mile for the first 10,000 miles and after that its 25p per mile.
The allowances have been increased for the current tax year.
There are two ways of claiming and you have to decide at a certain time which method you are going to use. I think you can only change when you change vehicle.
one method is to claim the 40p a mile, this covers all expenses relating to your vehicle, road tax, petrol, repairs and maintenance etc.
The other method is to claim every item seperately.
So if you do high mileage its probably best to claim the 40p
for both methods you must keep records to prove.

[andyM]

http://www.hmrc.gov.uk/paye/exb/a-z/m/mileage-expenses.htm

2011-2012 Tax year is 45 pence per mile up to 10,000 miles and then 25 pence per mile.
For anything tax related I would suggest contacting an accountant or HMRC direct to avoid any confusion.
  

[Blue Frog Systems]

Remember the 45/25p allowance doesnt allow you to claim for vehicle maintainence, insurance, road tax etc

[Mike #1]

but if you have a good accountant or not maybe , you can claim far more via the 45p per mile , i  do 200 miles per week and last tax year my motoring costs were £5,050 far more than the expenses claims in previous years ,  which means you will pay less tax works out about £90.00 a week over the year and i put £45.00 a week in fuel although you must factor in all the other  costs but i think it works out better or at least for me

[♠Winp®oClean♠]

but if you have a good accountant or not maybe , you can claim far more via the 45p per mile , i  do 200 miles per week and last tax year my motoring costs were £5,050 far more than the expenses claims in previous years ,  which means you will pay less tax works out about £90.00 a week over the year and i put £45.00 a week in fuel although you must factor in all the other  costs but i think it works out better or at least for me

Bear in mind that with the 40p per mile route, you will have a higher business profit figure & pay the extra tax + NI on that also.

[dave0123]

Plus you can not change the way you do it half way through your vehicle, if its a new vehicle fine but if you have done it a different way in the past then it cant be changed until you buy another one. if that makes sense

[Mike #1]

good point mate , thats why i have an accountant so i dont make any mistakes , my accountant only charges £280.00 a year which is well worth it , better than having to sort it out yourself

[♠Winp®oClean♠]

good point mate , thats why i have an accountant so i dont make any mistakes , my accountant only charges £280.00 a year which is well worth it , better than having to sort it out yourself

Couldn't agree more!

[C.C.S.]

i'm just about to hand over all the paper work to my accountant next week,and this year i want to claim per mile rather than sum all the diesel and insurance receipts .what's the best way to keep record of the millage?is it enough to use the mot certificate and work out the difference?thanks

[combat1]

No, you need to record each days mileage and destination details and also seperate any private from business mileage.
There are mileage books at stationers or staples which are good for keeping the details.
I think that you can only change the method of claiming allowances, ie all receipts seperatley or the mileage 45p when you change the vehicle.

[C.C.S.]

No, you need to record each days mileage and destination details and also seperate any private from business mileage.
There are mileage books at stationers or staples which are good for keeping the details.
I think that you can only change the method of claiming allowances, ie all receipts seperatley or the mileage 45p when you change the vehicle.

what records do you actually keep.i got a mileage book from staples and it says journey from to which can be a bit tricky as we do so many trips during the day or you just say how many miles you did in that day?
i also own a car so i can put all the miles as bussiness  between the mot's for the van

[Mike #1]

I do 200 miles a week i just tell accountant what miles i have done,     i dont record my milage as when i fill up every week i zero odometer and its always on 200 miles or as close as and he justs puts 200 miles for every week i work through out the year .

as for claiming milage instead of all your expenses providing you are not paying finance  on your van within last tax year , for tax year 2010-11 just tell accountant your average mile per week over year and they will sort it out,

you can only claim for mileage or your total running costs on van fuel, insurance and repairs etc