Claiming Mileage Advice

[dilson23]

Hello,

Apologies for this question which may seem daft. I do a lot of driving to and from work 100 miles daily. I normally pay using a personal AMEX card to get rewards and at the end of the month I transfer total petrol receipts from my business account directly into my personal. I am claiming 0.45ppm on mileage done at the end of the accounting year.

I am getting conflicting advice from 2 accountants - One mentions the above is ok and another mentioned all fuel should be paid by my personal card and at the end of the accounting year the total travel allowance (0.45ppm x mileage) can be transferred into my personal.

Key question here is should i pay for petrol on my personal or business.

I am also researching a new accountant before anyone shoots me to get a better accountant

Thanks

[eek]

Hello,

Apologies for this question which may seem daft. I do a lot of driving to and from work 100 miles daily. I normally pay using a personal AMEX card to get rewards and at the end of the month I transfer total petrol receipts from my business account directly into my personal. I am claiming 0.45ppm on mileage done at the end of the accounting year.

I am getting conflicting advice from 2 accountants - One mentions the above is ok and another mentioned all fuel should be paid by my personal card and at the end of the accounting year the total travel allowance (0.45ppm x mileage) can be transferred into my personal.

Key question here is should i pay for petrol on my personal or business.

I am also researching a new accountant before anyone shoots me to get a better accountant

Thanks

You should be claiming 45p a mile for the first 10,000 miles and 25p for ever mile afterwards.

Petrol should be being paid for personally and comes out of that 45p / 25p the company can pay you..

[northernladuk]

And you can expense it to yourself at anytime. Doesn't have to be at the end of the year.

[dilson23]

Thanks for the quick reply.

Northernladuk - I'm a fan. Thanks for making reading forum posts very entertaining indeed!

[Neil@Intouch]

And to add to the other comments, the mileage is reset each tax year back to 0, so from 6 April.

[ladymuck]

Ditto the above - yourco either pays all your petrol costs that you have personally incurred, it goes on your P11D and is a taxable BIK, or you claim 45p/25p as per the above. You can't have both. The latter is the better way forward and you should keep clear records of business vs personal mileage.

Back when I used to drive a lot for business, I had a little mileage log book (you can buy them for a few quid) that I kept in the car and logged every journey recording which client if business. I then totted it all up at the end of the month as part of my monthly expenses. The book will get shredded when seven years have passed from the final entry.

[chopper]

Hello,

Apologies for this question which may seem daft. I do a lot of driving to and from work 100 miles daily. I normally pay using a personal AMEX card to get rewards and at the end of the month I transfer total petrol receipts from my business account directly into my personal. I am claiming 0.45ppm on mileage done at the end of the accounting year.

I am getting conflicting advice from 2 accountants - One mentions the above is ok and another mentioned all fuel should be paid by my personal card and at the end of the accounting year the total travel allowance (0.45ppm x mileage) can be transferred into my personal.

Key question here is should i pay for petrol on my personal or business.

I am also researching a new accountant before anyone shoots me to get a better accountant

Thanks

Your post reads as if you are having both the cost of the fuel reimbursed as well as the 45p/25p. You can't do that. The 45/25p is intended to include the cost of fuel.

Either a) reimburse fuel receipts from your business, but then deduct that from your 45/25p mileage claim at the end of the year; b) pay the 45/25p mileage claim on a monthly basis.

[northernladuk]

Thanks for the quick reply.

Northernladuk - I'm a fan. Thanks for making reading forum posts very entertaining indeed!

You are welcome but I wouldnt be admitting that. You're likely to be in a minority

[barrydidit]

You are welcome but I wouldnt be admitting that. You're likely to be in a minority

For likely read certain.

[ladymuck]

For likely read certain.

I misread that and thought it said cretin