40p tax milage

[Tina1]

Hello

If i am claiming the 40p per mile business rate. Do i need to put this through my accounts or just keep the receipts for my self assessment at the end of the year. I am just working out the milage for business and making a note of how much i can claim on it. Not really going to a petrol station and filling up with that amount. So if it has to go through the books how would that work. Dr petrol acc but obviously not paid for it from business acc as already had petrol in the car? I have not been on a self employment course yet. I have this coming up.

Thnak you

 

[Williams lester]

As I said on your previous thread, if you are struggling with these things, you really need to get a bookkeeper or an accountant, to let you get on with running your business.

 

[MyAccountantOnline]

Hello

If i am claiming the 40p per mile business rate. Do i need to put this through my accounts or just keep the receipts for my self assessment at the end of the year. I am just working out the milage for business and making a note of how much i can claim on it. Not really going to a petrol station and filling up with that amount. So if it has to go through the books how would that work. Dr petrol acc but obviously not paid for it from business acc as already had petrol in the car? I have not been on a self employment course yet. I have this coming up.

Thnak you

Tina - if you have decided to claim the 40p per mile all petrol and car expenses are best posted to drawings to save any confusion. Have you checked it really is the best option taking into account capital allowances as well?

 

[Tina1]

Thank you

I dont have one yet but these are things i am just trying to figure out for myself at the moment.

 

[Tina1]

Thank you

Yes think this is the best option for me at the moment. So just to clarify at the end of the month i could work out what i have used up in milage (as i would already have petrol in the car) and DR drawings and and then take the money out of my business acc for this amount. I take it i dont need to do anything regards the tax man.

 

[colin_mckellar]

I posted a similar thread.

Seems if i make £100 in a day but have to drive 100 miles to get that amount then I put it through the books as £100 earned but with £40 of costs