Partnerships Business Mileage

filmcritic

Could someone tell me if i need to keep seperate business mileage logs for myself and my partner or can we just log it all on the same sheet?

Thanks in advance

InsideInsurance

You should log who is doing the miles but if thats on one sheet, two sheets or a spreadsheet etc it doesnt really matter

filmcritic

Thanks. so when we come to claim back mileage on tax returns do we claim the total for both of us on partnership return or do we claim just for our own on our SA.? This is our first time doing this..Thanks

martindow

You include the mileage expenses on the partnership tax return along with your other expenses. The profit from the partnership is then divided between the partners according to whatever percentage you have agreed. These figure are then put on your individual SA forms as self employment income.

You can send in a paper partnership form before 31st October. If you submit it later it has to be done electronically but this means buying some software from a selection acceptable to HMRC or pay an accountant who already has suitable software to submit it. It's a good incentive to keep your books up to date and get the return in early!

filmcritic

Thanks Martin