mileage allowance for self assesment

doinit

I'm not under standing the tax allowance question, in self assesment , for my vehicle use.
I'm a market trader and I want to claim the 45p per mile alowance, as I use the family car at present. How do I enter this on the form, do I just calculate say 1200(miles) x 45p, then enter this figure.Or must it be the fuel cost, very confusing

Percy1983

doinit wrote: »

I'm not under standing the tax allowance question, in self assesment , for my vehicle use.
I'm a market trader and I want to claim the 45p per mile alowance, as I use the family car at present. How do I enter this on the form, do I just calculate say 1200(miles) x 45p, then enter this figure.Or must it be the fuel cost, very confusing

Well there is 2 methods and you can use either.

You can use direct fuel costs plus percentage of running costs etc or you can use 45p per mile.

I would just stick with 45p a mile, its easy and it is set to include insurance etc, you do need to keep a mileage log as hmrc may ask for it, I will say I have never been asked for mine but I don't do many miles for my business.

doinit

Thankyou for your reply. So I work out the mileage x 45p then enter in vehicle expenses box, no tax or insurance.
I also believe I can claim £4 a week for doin my own books, is this true, which box does this go in?
Sorry about this, just unclear about a few things, your help is very much appreciated.

Suarez

doinit wrote: »

Thankyou for your reply. So I work out the mileage x 45p then enter in vehicle expenses box, no tax or insurance.
I also believe I can claim £4 a week for doin my own books, is this true, which box does this go in?
Sorry about this, just unclear about a few things, your help is very much appreciated.

I would be wary of claiming this if you have a low turnover. Does the business require you to work from home?

doinit

Regarding losses. Is it possible to claim for any damaged stock in the losses section ?

martindow

doinit wrote: »

Regarding losses. Is it possible to claim for any damaged stock in the losses section ?

I would sort this out when you do your stock check at the end of your accounting year. Your closing stock figure will be reduced as you take into account the value damaged and written off stock.