Mileage workout for car

Belton89

Hi guys,
My wife is self employed as a hairdresser and i was just trying to work out the best method to work out the mileage for her.
She started her business in July and went on maternity leave in january, and wont return back to work until october. but she still has the 7 months to work out. She have all of the mileage recorded on a spreadsheet but we are missing a few fuel reciepts.

Norman_Castle

Miles travelled times mileage allowance. No need for fuel receipts
http://www.hmrc.gov.uk/rates/travel.htm

PH1LL

Norman_Castle wrote: »

Miles travelled times mileage allowance. No need for fuel receipts
http://www.hmrc.gov.uk/rates/travel.htm

Why no need for fuel receipts?

John_Pierpoint

If the car gives good MPG and depreciation (small/diesel/second-hand) and the business miles are fewer than 10,000 per year, then it most probably works out financially better to charge £0.45 per mile - jotting down a mileage diary is a lot less trouble than fiddling about with receipts and haggling over private use.

PH1LL

John_Pierpoint wrote: »

If the car gives good MPG and depreciation (small/diesel/second-hand) and the business miles are fewer than 10,000 per year, then it most probably works out financially better to charge £0.45 per mile - jotting down a mileage diary is a lot less trouble than fiddling about with receipts and haggling over private use.

Wouldnt you need the receipts to prove that you did the milage though? I know a milage log does this but arnt the receipts supposed to be kept ti support your evidence?

Norman_Castle

PH1LL wrote: »

Why no need for fuel receipts?

Allowance covers depreciation, wear and tear, extra servicing, extra insurance etc for the additional business miles. If you did the miles you would have bought the fuel.
If you use a pushbike you get 20p per mile with no fuel receipts.

PH1LL

Norman_Castle wrote: »

Allowance covers depreciation, wear and tear, extra servicing, extra insurance etc for the additional business miles. If you did the miles you would have bought the fuel.
If you use a pushbike you get 20p per mile with no fuel receipts.

Sorry, i meant with regards to the self asessment. Do you not need to keep receipts as supporting evidence?

Norman_Castle

PH1LL wrote: »

Wouldnt you need the receipts to prove that you did the milage though? I know a milage log does this but arnt the receipts supposed to be kept ti support your evidence?

Receipts could be useful if your mileage is questioned but I don't think you are required to keep them.

PH1LL

Norman_Castle wrote: »

Receipts could be useful if your mileage is questioned but I don't think you are required to keep them.

Ah i didnt know that.

Do you know what evidence is required if the milage is questioned?

Norman_Castle

Either a mileage log or mileage added to each job and totalled for your tax return. If you worked for someone 50 miles away you would have got there and back somehow. Existing at the place of work is evidence.

PH1LL

Norman_Castle wrote: »

Either a mileage log or mileage added to each job and totalled for your tax return. If you worked for someone 50 miles away you would have got there and back somehow. Existing at the place of work is evidence.

Thank you.

Do you need to provide milometer readings and copoies of V5s?

I have been using a couple of different cars - owned my by opartner, although one of which we have since sold. Do you think this could be an issue if investigated? And if so what could the implications be?

Thanks