Self Assesment - Claiming for Fuel.
Discussion
Hello folks,
This is the first year I am going to complete my self assesment return without an accountant, its been a little slow over the last two years, and suspect I will have made a small loss.
(Busy fool indeed, my savings certainly confirm this).
I am just about to complete my Self Assesment online, but would like some help with what percentage I can claim of my fuel receipts. I work from home, and would expect that 80% of my travelling was business. Is there a figure that the IR will be happy with, ie; a percentange?
Many thanks in advance.
JB
This is the first year I am going to complete my self assesment return without an accountant, its been a little slow over the last two years, and suspect I will have made a small loss.
(Busy fool indeed, my savings certainly confirm this). I am just about to complete my Self Assesment online, but would like some help with what percentage I can claim of my fuel receipts. I work from home, and would expect that 80% of my travelling was business. Is there a figure that the IR will be happy with, ie; a percentange?
Many thanks in advance.
JB
Just dont take the p1ss and they shouldnt have a problem. Sounds obvious, but if you have genuinely used the car for 80% biz, and your diary etc reflect this then claim 80%.
My accountant encourages me to write down exact mileage on trips to keep a detailed record. Difficult habit to pick up at first but well worth if if you persist and want failsafe evidence.
My accountant encourages me to write down exact mileage on trips to keep a detailed record. Difficult habit to pick up at first but well worth if if you persist and want failsafe evidence.
Don't just claim for fuel - claim:
Repairs and maintenance
Insurance
Road fund licence
AA or RAC subs
Insurance
Fuel
Capital Allowances on the vehicle
Add all these costs and then apply the correct private use restriction. That gives you your true business related motoring costs
Alternativesly, work out your business miles for the year and mutiply the total by 40p per mile (up to 10,000 business miles) and 25p for business mileage over 10,000)
Don't forget to claim Capital Allowances for your other business assets (if you have any).
Repairs and maintenance
Insurance
Road fund licence
AA or RAC subs
Insurance
Fuel
Capital Allowances on the vehicle
Add all these costs and then apply the correct private use restriction. That gives you your true business related motoring costs
Alternativesly, work out your business miles for the year and mutiply the total by 40p per mile (up to 10,000 business miles) and 25p for business mileage over 10,000)
Don't forget to claim Capital Allowances for your other business assets (if you have any).
Not any more you can't.
You used to be able to claim back the VAT content on 50% of the 40p amount. HM Customs and Excise looked on 50% as being in respect of the VATable fuel and repairs proportion of the whole claim - the rest of the 40p claim was for non-VATable costs such as insurance, RFL and depreciation.
Two year ago, Brussels stopped the Dutch tax authorities from running a similar scheme. It has now been announced that the UK scheme is also ceasing.
If you are able to retain original petrol station vouchers and receipts, you will be able to make a valid Input VAT claim - but trying to decide which ones to keep and which ones relate to specific business journeys will be a bit problematic.
You used to be able to claim back the VAT content on 50% of the 40p amount. HM Customs and Excise looked on 50% as being in respect of the VATable fuel and repairs proportion of the whole claim - the rest of the 40p claim was for non-VATable costs such as insurance, RFL and depreciation.
Two year ago, Brussels stopped the Dutch tax authorities from running a similar scheme. It has now been announced that the UK scheme is also ceasing.
If you are able to retain original petrol station vouchers and receipts, you will be able to make a valid Input VAT claim - but trying to decide which ones to keep and which ones relate to specific business journeys will be a bit problematic.
The TV ads are very misleading in that they try to pretend that the subject is not complex - it is.
It also fails to mention the full set of permutations surrounding the late filing penalty. I lnow that they only have 15 to 30 seconds to get the basic message across but in doing so they end up being misleadingly inaccurate.
It also fails to mention the full set of permutations surrounding the late filing penalty. I lnow that they only have 15 to 30 seconds to get the basic message across but in doing so they end up being misleadingly inaccurate.
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