Business mileage expenses- tax year?

[Maxamus]

doesnt last me that long either with me being a highways engineer

[VectraMan]

so every 6th April it resets?

So come April 6th everyting will reset for me and i'll be able to claim 40p/mile upto 10,000miles and then back to 25p/mile....?

Yep. Lasts about 2 1/2 months for me.

It's your personal allowance, nothing really to do with the business. You could pay yourself more in travel expenses, except you'd then have to pay tax on the extra. Or you could pay yourself less and claim some extra tax relief (there's actually a reason for doing that to do with dividends, but it makes my head hurt ).

[Maxamus]

so every 6th April it resets?

So come April 6th everyting will reset for me and i'll be able to claim 40p/mile upto 10,000miles and then back to 25p/mile....?

[mobwell]

Thanks xoggoth

[xoggoth]

The 10k threshold applies to your personal tax year and it starts from April 6th. The company deducts from profits whatever sums you have claimed in the company year.

[mobwell]

Hi. I have a limited company and drive to my contracts in my own car. I therefore claim business mileage from my own Ltd company, and understand that it is 40p/mile for the first 10K miles and then 25p/mile thereafter. My question is from what date does the mileage counter reset? Is it:
1) From the day my Limited company was set up and I was it's only employee
2) From the first day I did business related mileage
3) From day 1 of my first contract
4) April 5th ie my personal tax year