Hi everyone,
First year in contracting and have couple of questions regarding claiming the business mileage. Hope someone will be able to clarify for me. Thanks in advance
I have my own car but I have been paying for the fuel from business account directly for few months which was not much as I was not doing many miles. Then i realised that if i pay from my own pocket but then claim back the mileage that will be more money. So I have started paying from my own account and keeping a log of my daily business commute miles.
1. Can I add all the miles up (including the time I was paying from company account) and calculate the total mileage amount, then deduct what I have already paid from company account and claim that or should I not claim any money for the time I have been using business account for paying for the fuel and should only claim for the time I have been paying from my own pocket?
2. When can I actually withdraw the mileage amount from business account to my own account? Is that normally at the end of year or you can do it any time?
Thanks
First year in contracting and have couple of questions regarding claiming the business mileage. Hope someone will be able to clarify for me. Thanks in advance
I have my own car but I have been paying for the fuel from business account directly for few months which was not much as I was not doing many miles. Then i realised that if i pay from my own pocket but then claim back the mileage that will be more money. So I have started paying from my own account and keeping a log of my daily business commute miles.
1. Can I add all the miles up (including the time I was paying from company account) and calculate the total mileage amount, then deduct what I have already paid from company account and claim that or should I not claim any money for the time I have been using business account for paying for the fuel and should only claim for the time I have been paying from my own pocket?
2. When can I actually withdraw the mileage amount from business account to my own account? Is that normally at the end of year or you can do it any time?
Thanks
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