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R

rocker

Well I've finally submitted my return for the year, but with next year's in mind, someone who very kindly helped me with this return said that instead of saving up the diesel tickets, you can take a note of mileage and claim 40p a mile on it.... how do you do this on self assessment? I know you have to fill in a special form if you're employed, do you need to do that for self assessment, or do you just put it down as a fuel expense? Also, do you know if I can put my diesel receipts in up until today and use this method from today til April?

Any help would be appreciated!
 
far as i know, you start from the new tax year and choose one way or another. i.e. you can't do a bit of both. 40p for the first 10,000 miles then 25 p after that. I can let you have a xcel form to document the mileage which you really should do, or you can pick up a little mileage record book from a good stationers.
 
i use my car for mostly business and do 500 business miles a week at the moment. 40p/ 25p pays for my fuel, tyres servicing, MOT, depreciation, tax, and a bit. I can offset more claiming mileage than all my receipts for these things added up.

You can give the tax office a ring and ask them about where you put it on the self assessment. My advice is that you can get an accountant to do all of it, and more, and add their Kudos by submitting it for you. All you do is sign the paper copy. All for about £200.

Hope this doesn't sound too 'DUMB' lol.
 
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Cheers folks. OK so I'll have to wait till April as I've scrapped a motor lately and didn't have a record of it's mileage. At the moment (with diesel receipts) I put 75% in for tax as my work vehicle is more or less for work but now and again I go down the shops in it..... Anyway do you reckon I could just take the mileage on April 1st, then take it at the end of march 2012 and put in 75% of this figure, or would I need a proper log of each journey. To be honest I probably use the car more like 85%-90% for work but I'm so disorganised, i'd take that 10% hit if I didn't have to do even more bleedin' paperwork.
 
Regarding mileages. If you are a Sole Trader, you dont have to account miles to the exact mileage, you can estimate it. Neither will you get 100% of all your mileage claimed, they will always knock a bit off for personal use, and none of us can say we havent nipped to the shop in the van can we!. I take my mileage from MOT cert to next MOT cert, as this is annual, then deduct 25% of the total mileage. The mileage then goes onto my tax return as follows. Total mileage 12000, of which business mileage 9000 @ 40p = £3600. By doing this they dont knock any off. I use an accountant as well, she cost me £335 and i got a nice portion back from the lovely taxman, a lot more than she cost me.
 
A lot of people are going on about getting an accountant cos it saves you in the long run etc, and I've no doubt they are very skilled people, but I have pretty straightforward accounts and I can't see what else they can do to get oney knocked off my tax bill without being dodgy - I did my own assessment this year and when I put it in the machine it says I'm owed 430 bucks by the taxman! An accountant may have got me a bit more, but lets say they get me 500, I've still gotta pay them 250 so I'm out of pocket 150. I dunno I spose I'll get one next year or maybe the year after depending on how much dough I've got.
 

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