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#1 08-05-07 13:30:31

rachel05
Verified Member
From: East Sussex
Registered: 24-08-06
Posts: 45

What records do I need to keep for the tax man re my car?

I have just set up as indie, and bought a new car, I put a deposit down, and then the rest is on HP.  I use the car for some personal use, but very little, mainly its just business use.  Do i keep all my receipts and claim that way, or should I be keeping a record of my mileage.  I'm only working part-time - 3 days a week.

Thanks


PART 1: Passed 02/03/2006 98% 61
PART 2: Passed 3rd time 03/08/2006 (3 minors)
PART 3: Failed 06/03/2007 4/3
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08-05-07 13:30:31

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Re: What records do I need to keep for the tax man re my car?



#2 08-05-07 17:59:09

Carl
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Re: What records do I need to keep for the tax man re my car?

What I do, and have done for 9 years, is to record the mileage at the start of each month, each business trip made throughout the month and the mileage at the end of the month. That gives me an accurate business/personal mileage figure. Recording the mileage on a lesson-by-lesson basis also means that I can track an average miles-per-lesson figure to check profitability.

All expenses are paid by the business and at the end of the month I calculate the amount of personal usage. I then transfer the correct amounts from my personal account to pay the business for the use of the car. I use QuickBooks and have nominal accounts for all business expenses so when I look at my P&L for the month I can track total costs against personal costs.

I had it checked by an accountant and was told that it was totally fine. Mind you, I do have a slight advantage of having a background in accounts (and accounts software) so know what I'm doing anyway.

Carl

#3 08-05-07 18:14:58

BigDave
Verified Member
From: Gloucester
Registered: 07-02-07
Posts: 21

Re: What records do I need to keep for the tax man re my car?

I was just talking to my accountant about this over the dinner table (it's my Dad) and I am just in the process of handing him all the info for my first year of trading. I've kept track of all my income/expenditure in a basic Excel spreadsheet for now.

I've kept a note of the mileage I have covered as well, but on a daily basis, but not separated it into Business and Personal although that shouldn't be too tricky.

My fuel bill is paid off each month as I got myself a Tesco fuelcard and I've kept track of all the other expenses - tyres, brakes, wing mirrors, windscreen etc (it's been an expensive year !).

Hopefully it is enough to keep Dad going for a bit...

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#4 08-05-07 20:55:21

Angel
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From: Maidstone, Kent
Registered: 23-08-06
Posts: 284
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Re: What records do I need to keep for the tax man re my car?

I keep an Excel spreadsheet with outgoings and incomings, total them up at the end of the year and then book an appt with my local friendly taxman who helps me fill in the form and workout depreciation on car etc. Very helpful last year and completely free. Even got a rebate!


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#5 22-05-07 21:37:13

standon11
Verified Member
From: doncaster
Registered: 30-11-06
Posts: 632

Re: What records do I need to keep for the tax man re my car?

you can keep a record of mileage but i prefer to just put all my fuel bills,repair bills,car tax etc in my accounts book & the accountant sorts it out from there.out of interest,why record mileage?what's the benefit from it?

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#6 23-05-07 05:48:50

Busheyfields
Verified Member
From: Herne Bay, kent
Registered: 16-01-07
Posts: 231
Website

Re: What records do I need to keep for the tax man re my car?

There are two ways of "claiming" the tax relief on your vehicle. One is to charge all the expenses to the business, but if you use the car for "personal" driving there will be a tax charge to cover personal use.
The other way is to accurately log all your business mileage and claim 40p per mile for the 1st 10,000 miles and 25p per mile thereafter (all car expense are then met out of this allowance). You or your accountant need to work out the figures on your car and mileage to see which is better in your personal circumstances.

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#7 23-05-07 10:25:02

kjs
Verified Member
From: Rossendale Lancashire
Registered: 20-05-06
Posts: 976
Website

Re: What records do I need to keep for the tax man re my car?

I just keep all my reciepts. fuel, tax, car wash, air fresh, Repair bills, service bills, and of course a record of monthly payments. Anything that I spend on the car, get a bill for, and then let my accountant sort it.

kjs

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