business miles

natureboss

Hi!

Last October I've started using my car for business. Everything is recorded (dates, travel) when should I claim back ?
And how ?

I imagine we are covering from October 2012 to April


Thanks.

natureboss

zagfles

See http://www.hmrc.gov.uk/mileage/index.htm

Make sure your insurance covers business use, sometimes it's no extra or just a nominal fee but it's essential to tell them.

natureboss

Thanks zagfles, is this the right time to fill in the form ?

My insurance does cover business travel.

zagfles

natureboss wrote: »

Thanks zagfles, is this the right time to fill in the form ?

Yes, for last tax year.

StixUK

Yep the self-assessment form would need to be filled out now.

Read the HMRC rules carefully as it essential to make sure you provide the correct information and keep your records for 7 years just to be safe as they could chase you up in 5 years time for an audit.

Remember if you claim 45p per/mile in tax relief, any payments you received in fuel allowance or mileage rate also needs to be deducted off your total tax relief to be claimed.

And it also depends on how you used your car for business, but that is also outlined on the HMRC website.

Good Luck