Tax return - claiming vehicle expenses or mileage

[Qwerty]

Just wondering which we all prefer to claim for when it comes to tax return time....... a proportion of the vehicle costs or mileage?

I have always been mileage, but beginning to wonder if claiming for vehicle running costs may be better?

 

[Diamond Pool Finishers]

well i think we claim for Fuel & vehicle over the year , i save all receipts !!!............

 

[widler]

Same as dave

 

[DHTiling]

Same here ,an expense is just that , be it can repairs or duty on fuel v

 

[widler]

May i just say as well, im bloody sick of receipts ,thousands of em over years you are meant to keep, im sure its a pee take by the scum at the inland rev

 

[Diggy]

6 years worth is all you have to keep.
I do reciepts myself, not forgeting you can write off the cost of the van foe the first 4 years under capital allowances.

 

[andy8758]

Every year HMRC blindfold the office junior who then sticks a pin into a list of businesses who submitted a tax return the year before. The lucky businesses chosen get a full investigation into their returns. If it's you they choose then you are certain to appreciate the pain of keeping all your invoices!

 

[widler]

Can't wait, the pratts gonna get 20 asda bag full dumped on his desk.
If i wanted to do paperwork i woulda been a flippin accountant

 

[steve187]

if i have a van that is used solely for work, then i claim all cost associated with that van, petrol/diesel, insurance, tax, parking,repairs etc, and then on top of that i claim capital expenses for depreciation

 

[andy8758]

Can't wait, the pratts gonna get 20 asda bag full dumped on his desk.
If i wanted to do paperwork i woulda been a flippin accountant

Don't worry about the accounts. You can find a good 6 week course on the internet - makes you a fully qualified accountant ..... :lol:

 

[White Room]

Can't wait, the pratts gonna get 20 asda bag full dumped on his desk.
If i wanted to do paperwork i woulda been a flippin accountant

That'll cost you, your accountant will have field day with his final bill....pay someone to do your bookwork.

 

[John Benton]

if i have a van that is used solely for work, then i claim all cost associated with that van, petrol/diesel, insurance, tax, parking,repairs etc, and then on top of that i claim capital expenses for depreciation

Don't think so but check with your accountant. I'm the same, my van is for work and everything associated with work. So everything that gets spent on the van is a cost to the business and is offset against tax payable

 

[Qwerty]

That's the thing..... I use mine half and half. You can either claim 45p per mile (this allows for all associated vehicle expenses) or expenses and fuel.

 

[Rookery]

Don't think so but check with your accountant. I'm the same, my van is for work and everything associated with work. So everything that gets spent on the van is a cost to the business and is offset against tax payable

Likewise. My accountant writes down the value of my van each year. You have to remember that once its written down to zero, anything you sell it for is taxable so when I part ex it, I'll get them to give me a quid for it and adjust the price of the new van accordingly.

 

[John Benton]

That's the thing..... I use mine half and half. You can either claim 45p per mile (this allows for all associated vehicle expenses) or expenses and fuel.

If that's the case then as far as I'm aware you have to record every time you use your van for business with the mileage you do i.e.

12/8/13 Home - Christchurch - Home 32 miles
13/8/13 Home - Christchurch - Poole - Home 41 miles

ETC ETC

You would then have a balance at the end of the month of how many miles were private and how many were business. Then check how much you spent on fuel that month.

You would then work out the %age of each and figure how much was spent on fuel for business and private use. The business use would then be used in your accounts as a business cost.

You would then need to work out (or your accountant) whether it is financially better for you to separate them like this or claim 45p per mile for business use. You may need to check out but I think if you go over a certain amount of miles the pence per mile comes down.

 

[widler]

That'll cost you, your accountant will have field day with his final bill....pay someone to do your bookwork.

don't worry whitebeam, i get charged monthly by my accountants cos i employ and have PAYE.
But when i go in year end they love me, im so so organised , it quite funny when she shakes her head and puts head in hands

 

[Qwerty]

That is exactly what I do at the moment John. It works for me. The mileage is paid at 25p per mile after 10000 miles. I have worked out mileage is better as I don't want my van classed as a business asset as essentially it is a family vehicle too!