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#1 11-08-10 07:29:02

Cat8t3
Verified Member
From: Droitwich - Worcestershire
Registered: 28-08-07
Posts: 339

Claiming pence per mile or full Expenses

Hi Everyone

Im just wondering how many of you claim the pence per mile, without the need to keep receipts, or claim for every expense with keeping all receipts.

I keep all receipts and claim for everything that im aloud. But ive just looked at my accounts and if i'd have claimed pence per mile, i would have made less of a profit, subsequently owing the tax amn less, than i  actually do. sad

I used this method on the adice of the tax lady, at the workshop. I know i cant change this method until i change my car, which im doing soon, so your thougts on works better for you but be much appreciated.

All have a nice day.  big_smile big_smile


1st Check Test 15/09/2010 - Grade 4
2nd Check Test 09/01/2013 - Grade 4

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11-08-10 07:29:02

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Re: Claiming pence per mile or full Expenses




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#2 11-08-10 08:07:56

robinsamuels
Verified Member
From: Milford Haven, Pembrokeshire,
Registered: 09-03-08
Posts: 425
Website

Re: Claiming pence per mile or full Expenses

I changed to pence per mile two car changes ago. I've calculated that I save nearly a thousand pounds per year that way, BUT I run a pretty cheap car, with a small very economical engine and I keep them till they die. The more expensive the car, the higher the fuel consumption and the quicker you change them (ie higher depreciation over a shorter period) and you may be better off with the full expenses route.

BTW, I still keep every receipt, that way I can show the IR that I'm not taking the mick if I get audited and I can work out my actual profit.


When it gets to the stage of sadobestionecrophilia, give up: Otherwise known as flogging a dead horse!

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#3 11-08-10 08:35:03

robcooling
Verified Member
From: Nottingham
Registered: 02-04-09
Posts: 1,451
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Re: Claiming pence per mile or full Expenses

I claim pence per mile.

The other advantage of this method is that the car belongs to you, not the business, which means when you do sell your car you don't have to declare the profit and therefore don't get taxed on it. Yay!

PS : I also still keep every receipt.


Rob

http://www.appledriving.co.uk - Driving Lessons in Nottingham

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#4 11-08-10 15:32:43

Cat8t3
Verified Member
From: Droitwich - Worcestershire
Registered: 28-08-07
Posts: 339

Re: Claiming pence per mile or full Expenses

So if I claim pence per mile, I cant claim capital allowances on the car? 

Basically i have a car that drinks the fuel and cost me loads to run, however my hubby has a newer car, very fuel efficent and only £30 a year road tax. So we are just going to swap cars.  smile smile


1st Check Test 15/09/2010 - Grade 4
2nd Check Test 09/01/2013 - Grade 4

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#5 11-08-10 16:08:52

Cat8t3
Verified Member
From: Droitwich - Worcestershire
Registered: 28-08-07
Posts: 339

Re: Claiming pence per mile or full Expenses

Ok , rereading throught the last post I'm guessing that all expenses associated with the car is covered by the, pence per mile.

So things like fuel, tyres, tax insurance, anything that you have to pay out for that needs the car to work or needs the road. 

Can we put in receipts for expenses, like car washing, instructor mirrors, car mats etc? 

Sorry if I'm being really thick. 


1st Check Test 15/09/2010 - Grade 4
2nd Check Test 09/01/2013 - Grade 4

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#6 11-08-10 16:34:01

golfball13
Verified Member
From: Chelmsford, Brentwood, Essex
Registered: 22-08-07
Posts: 244
Website

Re: Claiming pence per mile or full Expenses

I use the the pence per mile, and also add in extra things such as duals, mirrors, cleaning, ie things that don't affect the running of the car, but are needed for the business side of things.

Rob


RPL Driving
Driving lessons in Chelmsford, Brentwood, Billericay and other areas of Essex

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#7 11-08-10 18:20:30

Cat8t3
Verified Member
From: Droitwich - Worcestershire
Registered: 28-08-07
Posts: 339

Re: Claiming pence per mile or full Expenses

Cool, thanks everyone.  smile


1st Check Test 15/09/2010 - Grade 4
2nd Check Test 09/01/2013 - Grade 4

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#8 05-09-10 17:54:48

asroxx@yahoo.com
Member
Registered: 03-06-10
Posts: 49
Website

Re: Claiming pence per mile or full Expenses

I only keep the petrol receipts really. I didn't have any problems so far with th IR

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#9 06-09-10 16:41:47

Colin Martin
Verified Member
From: Southsea
Registered: 21-01-05
Posts: 2,465
Website

Re: Claiming pence per mile or full Expenses

I have done pence per mile for my last few cars. Once you opt to do it you have to stay on pence per mile until you sell the car. I understand the pence per mile is a bit of a loophole though and is disappearing soon. It worked well for me as I buy cars at auction and sell them after a bit of use. This meant there was no real depreciation in value as they could be sold for more than they were bought for so there would be a tax liability for the difference between the tax depreciated value and the sale value. I have kept my current car a long time now so it might not work out so well.


Colin Martin
The Bright Red L http://thebrightredl.com
Instructor Apps http://drivinginstructorapps.co.uk
Apps Video channel https://www.youtube.com/colinbythesea

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#10 07-09-10 18:01:15

MartinC
Verified Member
From: Bracknell
Registered: 14-03-06
Posts: 18

Re: Claiming pence per mile or full Expenses

The decisions doesn't need to be made until your tax return is due. Keep records of actual cost & miles and then use the method most beneficial to you. I used to change my car every 7 months with Robinsons. Doing it that way meant I could claim miles for one car mostly at the higher rate (40p per mile), and the second car at cost (where the mileage rate was only 25p).

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#11 25-09-10 11:28:19

kaf
Verified Member
From: Wiltshire
Registered: 05-08-07
Posts: 3,324
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Re: Claiming pence per mile or full Expenses

I Use pence per mile, your accountant should be able to tell you how many miles you need to do to make it beneficial.

If fuel cost go up, you reduce the benefit.

You can't claim for anything to do with running or maintaining the car (service, tyres, tax insurance, cleaning etc) but you can claim for others like training aids, (Duals, extra mirrors)

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