Mileage Claim Over Many Years
Discussion
Understand the essentials ie 45p/first 10,000 miles and 25p thereafter BUT .........
If a LTD CO director uses own car and claims conventional 45/25p (self assessment) and drives 13,000miles/annum......can s/he choose only to "claim" the first 10,000miles and leave the balance 3,000miles until next year and claim at it 45p?
Should s/he cover a slightly more eligible miles the following year of say 15,000/annum, can they claim the previous years outstanding 3,000miles along with this years 7,000miles and leave the 8,000miles for a future year/claim.
Essentially, is there a time limit and also is this approach allowable or frowned upon.
If a LTD CO director uses own car and claims conventional 45/25p (self assessment) and drives 13,000miles/annum......can s/he choose only to "claim" the first 10,000miles and leave the balance 3,000miles until next year and claim at it 45p?
Should s/he cover a slightly more eligible miles the following year of say 15,000/annum, can they claim the previous years outstanding 3,000miles along with this years 7,000miles and leave the 8,000miles for a future year/claim.
Essentially, is there a time limit and also is this approach allowable or frowned upon.
T5R+ said:
Understand the essentials ie 45p/first 10,000 miles and 25p thereafter BUT .........
If a LTD CO director uses own car and claims conventional 45/25p (self assessment) and drives 13,000miles/annum......can s/he choose only to "claim" the first 10,000miles and leave the balance 3,000miles until next year and claim at it 45p? NO
Should s/he cover a slightly more eligible miles the following year of say 15,000/annum, can they claim the previous years outstanding 3,000miles along with this years 7,000miles and leave the 8,000miles for a future year/claim. [b]NO]/b}
Essentially, is there a time limit and also is this approach allowable or frowned upon.
Yes - the time limit is the tax year. You claim for the mileage actually undertaken in the actual tax year.If a LTD CO director uses own car and claims conventional 45/25p (self assessment) and drives 13,000miles/annum......can s/he choose only to "claim" the first 10,000miles and leave the balance 3,000miles until next year and claim at it 45p? NO
Should s/he cover a slightly more eligible miles the following year of say 15,000/annum, can they claim the previous years outstanding 3,000miles along with this years 7,000miles and leave the 8,000miles for a future year/claim. [b]NO]/b}
Essentially, is there a time limit and also is this approach allowable or frowned upon.
If you did not claim all the mileage you were entitled to in a previous tax year, you can submit a revised mileage claim for that earlier year but you can only go back three tax years.
And finally, only genuine business related mileage can be claimed. There have been a few mileage claim cases in the courts of late where mileage claims that had been made by "self employed" individuals and company directors have been severely curtailed (with large amounts of tax needing to be paid).
Look up -
http://www.rossmartin.co.uk/sme-tax-news/1045-not-...
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