Fuel dilema
Wed, 23/12/2009 - 22:55
I am in the final stages of setting up my company, i have my own van and tools ect and all ready to go.
One thing that i cant get my head around is fuel expenses.
As i own my van i belive that i can charge 40p per mile for the first 10,000 miles and 25p per mile after this.
This to me seams like taking money from myself and giving it myself back (taking money out the company, that i own and run ect)
Am i compeltely missing the point here.
No matter what way i look at this i cant seam to see the logic
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First of all Calvin, keep a note of your weekly or monthly mileage, and how much of that is personal use. I made the mistake of not doing this and was forced to look back over service records and MOTs just to be able to make estimations on how much I'd used. It was painstaking and I probably lost out because I didn't have a proper record.
Secondly, the 40p per mile for the first 10,000 and 25p per mile thereafter is how much you can claim back on your tax return. Not what you can charge your own company.
Hope this helps, if even in the smallest way. I'd recommend getting a good accountant if you don't already have one. It may seem like an extra overhead at the beginning but, they'll save you an awful lot more then their fee in any given tax year.