Mileage Claims

[googleface]

Hello,

I now run my own Ltd Company.

Prior to this I was using an Umbrella company and their advice for
calculating mileage was that £12.00 worth of petrol receipts roughly
constituted 100 miles.

Is this calculation roughly the same when operating via a Ltd Company?

Thanks

Googleface

[kirk]

40p per mile for the first 10k miles, 25p thereafter. No receipts required, just records of journey. Date, to-from etc. I just keep a spreadsheet.

[fzbucks]

I was advised to keep receipts for petrol purposes even though I claim the 40 per mile just in case I ever need to backup that I have bought enough petrol to cover the mileage claimed.

[NotAllThere]

Probably a little over-cautious. ( Perhaps something to do with recovering the VAT element? ).

[aceboy]

I am lead to believe that you need to keep a log book of miles as well, however I may have been mis-led.

[scooterscot]

40p per mile for the first 10k miles, 25p thereafter. No receipts required, just records of journey. Date, to-from etc. I just keep a spreadsheet.

And when do you reset the clock? From April to April is it?

[scooterscot]

Here's an awkward one, does it matter what country your in when claimng?

[XLMonkey]

And when do you reset the clock? From April to April is it?

Yes, I think so. The 40p/25p mileage rates are HMRC approved, so you re-set the clock at the start of each tax year.

[RSoles]

And you keep (VAT) receipts because you can also reclaim VAT
at something like 2p per mile.

[Sausage Surprise]

And you keep (VAT) receipts because you can also reclaim VAT
at something like 2p per mile.

Eh? That's a new one on me.