Business Mileage Rate - 25p/40p

[SimonMac]

I'm not on flat rate VAT so don't know

As the idea is that you don't have to claim back the VAT on costs, instead just take it as a % of turnover I assume this is not needed for those on flat rate

[TykeMerc]

Rather than start a new thread with a few questions I hope the OP doesn't mind me hyjacking to clarifiy a few things.

1) The 10,000 limit would run my personal Tax year rather than the companies accounting year?

I base mine on the financial year, never specifically asked the accountant if that's correct, but he's good at spotting me doing stupid stuff so it's probably right.

2) Is there any requirements for what needs to be recoreded on your own company mileage form, I assume as long as it has the date, the start and end destinations and the miles covered everything else is irrelevent?

That's pretty much what I record, I add a note like "Site Visit" or "Client meeting"

3) How do I record that I have paid myself the money, in the past its always been on my wage slip, but I am not planning on taking a salary for the first few months until I am up and running.

TIA

I pass an expenses spreadsheet to the accountants, they check it for daft errors then put it into the company accounts as refunded expenses. I draw the cash from the business.

[Nixon Williams]

1) The 10,000 limit would run my personal Tax year rather than the companies accounting year?

The "clock" resets at the start of each new tax year, ie 6th April.

Alan

[Nixon Williams]

Didn't know about this bit, I assume this would only be able to for those not on falt rate when it comes to VAT?

Fuel receipts are only needed if you are NOT on the Flat Rate Scheme, if you are on the Flat Rate Scheme, fuel receipts are not required.

Alan

[VectraMan]

2) Is there any requirements for what needs to be recoreded on your own company mileage form, I assume as long as it has the date, the start and end destinations and the miles covered everything else is irrelevent?

I have a spreadsheet with an entry for every trip, start postcode, end postcode, car reg, client name, mileage, whether it was one way or return, and expense claimed, and then the totals for the month at the bottom. Of course it's a bit repetitive, and is probably pointless, but if anybody ever did come and look I can show them what I claimed for in painful detail.

[Sockpuppet]

I have a spreadsheet with an entry for every trip, start postcode, end postcode, car reg, client name, mileage, whether it was one way or return, and expense claimed, and then the totals for the month at the bottom. Of course it's a bit repetitive, and is probably pointless, but if anybody ever did come and look I can show them what I claimed for in painful detail.

Same as you except I do mine every 3months, keep records of what I do weekly just "enter them" every 3 months so there is less paperwork.

[SimonMac]

I have a spreadsheet with an entry for every trip, start postcode, end postcode, car reg, client name, mileage, whether it was one way or return, and expense claimed, and then the totals for the month at the bottom. Of course it's a bit repetitive, and is probably pointless, but if anybody ever did come and look I can show them what I claimed for in painful detail.

Was bored so whet the whole hog and probably a bit over board with the spreadsheet, it automatically calculates the rate based on the miles already entered and presents them in nice graphs lol!

[VectraMan]

Was bored so whet the whole hog and probably a bit over board with the spreadsheet, it automatically calculates the rate based on the miles already entered and presents them in nice graphs lol!

I always planned to do that, but can't be arsed learning how to use Excel. It's always ended up with a bit of a clumsy manual calcualation when I cross over the 10,000 miles.

[SimonMac]

I always planned to do that, but can't be arsed learning how to use Excel. It's always ended up with a bit of a clumsy manual calcualation when I cross over the 10,000 miles.

PM me your email address and I will send you what I have, also you can give me a bit of a sanity check that the calculations are right