HMRC Mileage Rates....

thescouselander

Barneysmom wrote: »

I've been wondering about this, the claim covers just fuel? Does that mean it's a minimum and you could claim for the car use too from your employer?
I'm sure I saw on this site someone was claiming 65p in total and was allowed?
Not explaining well am I? :)

You can clam as much as you like but you have to pay tax on anything over the HMRC rate.

victor2

Fuel cost is still only a small part of the overall expense of running a vehicle. Although with other costs, like insurance and maintenance, increasing, the 40p per mile is not as appealing as it used to be.

thescouselander

vaio wrote: »

Unlucky? I think you must have posted the wrong link because although that page is for diesels (but when diesel cost £1.26 rather than the £1.35 or £1.45 it actually costs), I can't see any car that can be run for 25p per mile even if you do high miles and precious few that can be run for 40p if you do low miles

The figures are worse for petrol cars

Interestingly the costs per mile for petrol cars is quite similar until you get into the more expensive brackets.

http://www.theaa.com/allaboutcars/advice/advice_rcosts_petrol_table.jsp

I agree though - there are very few new cars that can be run for the HMRC rates.

Lifes_Grand_Plan

My fuel cost is about 8p per mile.... taking into account some wear and tear and contribution towards insurance etc... I figure I am in profit every time I claim 40p per mile

And before anyone says it, I don't include the cost of the car purchase in that because I would have to have it anyway even without my work miles.

reeac

joeyvicks wrote: »

Graham get a life mate.

Your trip to work is probably 2 miles and not the 1000 a week I have to do!

Your 1000 miles per week must require 20-25 gallons at approx. £6 i.e. £150, leaving £100 [taking the 25p./mile rate] which ought to cover all the other mileage-related costs [tyres, servicing, brakes etc] and might even cover tax and insurance [say £500 p.a. or £10 per week]. Depreciation could be a problem though at 50,000 miles p.a. .

thescouselander

reeac wrote: »

Your 1000 miles per week must require 20-25 gallons at approx. £6 i.e. £150, leaving £100 [taking the 25p./mile rate] which ought to cover all the other mileage-related costs [tyres, servicing, brakes etc] and might even cover tax and insurance [say £500 p.a. or £10 per week]. Depreciation could be a problem though at 50,000 miles p.a. .

I dont think its sensible to ignore depreciation at that milage rate since you'd have to replace the car every few years.

thelawnet

My giant gas guzzler does 25mpg, and with petrol at £1.29/litre that is £4.54/gallon, so that's about 18p/mile. On 20,000 miles I'd get £6,500, but the fuel cost would only be £3,600, so that would leave £2,900 for depreciation, servicing, etc., which seems more than adequate, and I wouldn't DREAM of driving my car for 20,000 miles a year, it uses far too much fuel for that.

iolanthe07

with petrol at £1.29/litre that is £4.54/gallon

£1.29 a litre equates to £5.74 a gallon.

thelawnet

iolanthe07 wrote: »

with petrol at £1.29/litre that is £4.54/gallon

£1.29 a litre equates to £5.74 a gallon.

yeah I forgot to multiply the two (litres per gallon and cost per litre)

Even so it's still covered by the 25p secondary rate on a gas-guzzling car.

Clearly if you are covering that many miles you should be looking at a diesel, something like a 520d does 58mpg for instance.

reeac

thescouselander wrote: »

I dont think its sensible to ignore depreciation at that milage rate since you'd have to replace the car every few years.

That's why I said that it could be a problem.