Should I be taking my car allowance differently?
Discussion
We've got a company van which we use exclusively for business and pay for the fuel on our business card. When I have to use my own car for meetings etc I usually pay for the fuel using the card.
Is this OK to do or should I be paying for it myself and claiming it back with mileage allowance at the end of the year? I now also think (having read other threads) that paying for it myself and offsetting it against my tax bill would be a nice way of reducing my tax by a few thousand?
Is this OK to do or should I be paying for it myself and claiming it back with mileage allowance at the end of the year? I now also think (having read other threads) that paying for it myself and offsetting it against my tax bill would be a nice way of reducing my tax by a few thousand?
Jaglover said:
If you are using a private car for business then you can claim the IR agreed mileage rates from the company (40P a mile for the first 10,000 business miles I think)
You can claim anything you like (subject to the company agreeing to pay, of course). However only the first 40p (for 10K miles) is tax free.
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