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#1 24-06-07 15:35:36

howly
Verified Member
Registered: 16-10-06
Posts: 140
Website

yet another mileage question!

i'm using the HMRC's mileage allowance (40p/mile for 1st 10,000miles then 25p/mile thereafter).  am i right in thinking that i can still claim the interest part of my car finance agreement as an expense for tax purposes? 

after a discussion in the pub last night (never mix tax talk with alcohol) i seem as confused as ever!!!

chris

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24-06-07 15:35:36

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Re: yet another mileage question!




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#2 24-06-07 21:54:08

AlphaBob
Verified Member
From: Hampshire
Registered: 05-01-05
Posts: 121

Re: yet another mileage question!

Hi Chris,

The short answer to that is YES. But you cannot claim, the other usual running expenses such as fuel/car tax with this method.
Bob


Whose the Daddy!!!
www.bobsdrivingschool.co.uk

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#3 24-06-07 22:10:41

howly
Verified Member
Registered: 16-10-06
Posts: 140
Website

Re: yet another mileage question!

thanks bob.

yes, thats what i thought.  i've just done some searchiing on the HMRC website and it confirms it as well.

when i have a drink or two i do tend to talk a lot of sh*te, however on this occasion it appears i was right!!!

chris

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#4 13-08-07 21:18:35

mick
Verified Member
Registered: 12-08-07
Posts: 9

Re: yet another mileage question!

Check with your accountant or phone tax office helpline as according to my accountant you can no longer claim back interest on loan when operating miles method.

Mick

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#5 13-08-07 21:34:42

howly
Verified Member
Registered: 16-10-06
Posts: 140
Website

Re: yet another mileage question!

i spoke with tax people and refered to their documentation and you can claim mileage allowance + interest part of finance agreement.

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