Claiming back mileage

[DerekJohnstone]

Hi All,

Newbie question here.

We are a small training company and things were pretty hectic from Jan 23 to April (which is good complaint) and moved back to face to face training thus I was travelling all over but kept forgetting to reclaim millage..

I've kept a note of all the journeys.

Are there any restrictions agin now putting all the mileage through in bulk going back the last 4 months at 45p per mile? Anything else I need to think about other than getting a better way bookkeep (I plan to move to quickbooks).

 

[Scalloway]

I take it this is a limited company. If the company's financial year end falls between those dates then I would split the payment and make sure the company accountant is aware of it when preparing the annual accounts.

 

[DerekJohnstone]

Thanks for responding.

Yes it's a limited Comp and the comps financial year is end of May. So no need to split? Is that correct?

 

[Scalloway]

Yes.

 

[NicoJ]

You need to remember that the 10k mileage limit is per tax year not company year. Make sure your records can differentiate adequately.

 

[DerekJohnstone]

You need to remember that the 10k mileage limit is per tax year not company year. Make sure your records can differentiate adequately.

Oh right, so I should only claim to 31st April (max being 10K)?

 

[NicoJ]

From 6th April to 5th April each year you can claim mileage of 10,000 miles @ 45ppm, any additional will be 25ppm. If you pay above this you will have a tax liability.

 

[MyAccountantOnline]

Hi All,

Newbie question here.

We are a small training company and things were pretty hectic from Jan 23 to April (which is good complaint) and moved back to face to face training thus I was travelling all over but kept forgetting to reclaim millage..

I've kept a note of all the journeys.

Are there any restrictions agin now putting all the mileage through in bulk going back the last 4 months at 45p per mile? Anything else I need to think about other than getting a better way bookkeep (I plan to move to quickbooks).

Dont forget VAT on the fuel element of the mileage rate if your company is VAT registered.