Mileage expense whilst on VAT FRS

[yasnas]

Hi guys,

Quick question guys and i honestly couldn't find the answer whilst searching the forums.

I know the FRS covers the need to claim back VAT on small individual expenses but my question is should i still record my mileage expenses as expenses on FreeAgent or leave it altogether?

Thanks
Yas

[TheCyclingProgrammer]

If you want to reclaim mileage from YourCo at the appropriate rate, then yes, you should enter it into FreeAgent as an out-of-pocket expense. VAT doesn't really come into it unless you're re-charging the mileage to the client.

[yasnas]

If you want to reclaim mileage from YourCo at the appropriate rate, then yes, you should enter it into FreeAgent as an out-of-pocket expense. VAT doesn't really come into it unless you're re-charging the mileage to the client.

Thanks. Do i still need to bother with petrol receipts?

[TheCyclingProgrammer]

Thanks. Do i still need to bother with petrol receipts?

You've never needed to bother with petrol receipts if you are claiming AMAPs. You just need some kind of journey log to back up your claims.

[LondonManc]

Thanks. Do i still need to bother with petrol receipts?

No. You would if you were claiming for petrol rather than mileage - back in the days of perm, I was assigned a rental car (company footed the bill) for a project and was told to keep the receipts and claim the fuel back. That said, you can't blindly claim for 12,000 miles for a year when you've only actually put 6,000 on your own car.

[yasnas]

You've never needed to bother with petrol receipts if you are claiming AMAPs. You just need some kind of journey log to back up your claims.

Thanks. My journey to work is 11.5 miles but a return so 23 miles. At £0.45/mile, this means i get back £10.35 for a return journey.

Is this correct as it seems abit high to me?

[northernladuk]

Thanks. My journey to work is 11.5 miles but a return so 23 miles. At £0.45/mile, this means i get back £10.35 for a return journey.

Is this correct as it seems abit high to me?

You asking us to check your maths for you?

If you are struggling so badly you really need to speak to your accountant. You also need to read the newbie guides to the right. This will be covered in any basic guide about expenses. Google would be worth a try as well. It's a pretty basic and fundamental area.

If you are struggling here I worry what else you are missing.

Actually lets see. Claiming mileage is affected by the 24 month rule and your IR35 status. Are you sure you are eligible to claim it?

[TheCyclingProgrammer]

Thanks. My journey to work is 11.5 miles but a return so 23 miles. At £0.45/mile, this means i get back £10.35 for a return journey.

Is this correct as it seems abit high to me?

Remember mileage payments are designed to cover more than just fuel...its the cost of keeping your car running.

[yasnas]

Jesus. You asking us to check your maths for you?

If you are struggling so badly you really need to speak to your accountant. You also need to read the newbie guides to the right. This will be covered in any basic guide about expenses. Google would be worth a try as well. It's a pretty basic and fundamental area.

If you are struggling here I worry what else you are missing.

Actually lets see. Claiming mileage is affected by the 24 month rule and your IR35 status. Are you sure you are eligible to claim it?

Got it, makes sense, I recorded my first expense today so just wanted to make sure. And yep not affected by 24 month rule nor IR35, I was just wondering why the expense claim seemed so high even though it didn't seem to cost me as much!

[yasnas]

Remember mileage payments are designed to cover more than just fuel...its the cost of keeping your car running.

Thanks, this makes sense now!