Using own car for work and loosing out

dbrookf

My employer pays me 40p per mile up to 4000 miles per year for using my private car for business and 22p per mile over that... I am just about to reach 4000 miles - is 22p going to see me out of pocket and is there anything to claim tax-wise?

Thanks!

spiro

dbrookf wrote: »

My employer pays me 40p per mile up to 4000 miles per year for using my private car for business and 22p per mile over that... I am just about to reach 4000 miles - is 22p going to see me out of pocket and is there anything to claim tax-wise?

Thanks!

See post 7.

Luciem

i cant help on the tax side but have you thought about suggesting the marketing value of a company car to an employer? As an estate agent surely it would be a good way to advertise the business to have a new car platered with the logo parked outside a clients rather than an unidentifiable old v reg? especially if youre taking clients in your car....

Road_Hog

aries69 wrote: »

Yesterday I handed in my first detailed business mileage claim for 194 @ 25p per mile (36 personal) - I have been told to do this every two weeks.... Strangely I have become obsessed now with writing everything in diary - deducting journey to/from home/office which is 0.8 miles.

The HMRC allowance is way out of date and goes back at least 6 years, when petrol was a fraction of the current costs. Gordon Brown was just too mean to raise it (it's called fiscal drag).

The AA has calculated that it costs a minimum of 42p to run the smallest petrol car and this was before the January VAT rise. See what's included.

http://www.theaa.com/motoring_advice/running_costs/advice_rcosts_guide.html

http://www.car-insurance-uk-supermarket.co.uk/blog/statutory-mileage-allowance.shtml

25p a mile will barely cover your fuel costs. You need to be 40p per mile to cover some of the other costs, like devaluation, wear and tear, insurance, MOT and servicing.

spiro

Road_Hog wrote: »

25p a mile will barely cover your fuel costs. You need to be 40p per mile to cover some of the other costs, like devaluation, wear and tear, insurance, MOT and servicing.

HMRC allowances mean your employer can pay you 40ppm for the first 10k miles, (£4000 pa) and 25ppm above that tax free. If you choose to drive your own car when your employer wont pay that then that is your choice. The allowance is only supposed to cover the 'additional costs' of driving business miles i.e. fuel for that journey, high class of insurnace and increased depreciation it is not design to cover the basic cost of driving.

Flyboy152

dbrookf wrote: »

My employer pays me 40p per mile up to 4000 miles per year for using my private car for business and 22p per mile over that... I am just about to reach 4000 miles - is 22p going to see me out of pocket and is there anything to claim tax-wise?

Thanks!

When does the year end?

Flyboy152

Road_Hog wrote: »

The HMRC allowance is way out of date and goes back at least 6 years, when petrol was a fraction of the current costs. Gordon Brown was just too mean to raise it (it's called fiscal drag).

The AA has calculated that it costs a minimum of 42p to run the smallest petrol car and this was before the January VAT rise. See what's included.

http://www.theaa.com/motoring_advice/running_costs/advice_rcosts_guide.html

http://www.car-insurance-uk-supermarket.co.uk/blog/statutory-mileage-allowance.shtml

25p a mile will barely cover your fuel costs. You need to be 40p per mile to cover some of the other costs, like devaluation, wear and tear, insurance, MOT and servicing.

It goes back a lot, lot longer than that.

sunshinetours

Flyboy152 wrote: »

It goes back a lot, lot longer than that.

8 years ago to be precise - 2002/3 I believe so you are both sort of right I guess!

dbrookf

Flyboy152 wrote: »

When does the year end?

Not sure - good question - I started in November 2010 so maybe new year starts again in April...??

alexlyne

aries69 wrote: »

journey to/from home/office which is 0.8 miles.

You could have the most fuel efficient car in the world (well oil based fuel burning car at least)... but when you can lean out of your bedroom window and spit on your place of work, but drive instead then fuel economy will never be great!

(I know i know.. estate agents need to go out and about during the day yada yada...)

Plan B, get them to buy you a company car, you walk (:eek:) to work every day!