P87 Claim Limit

Trumpin

Hi all!

I am just after some clarification over the £2500 claim limit of the P87, specifically, if this the limit of the total expense I am looking to have a tax rebate on or the value of the tax rebate itself?

If I have a £3500 company milage expense which I am looking to claim £1400 tax back (40%), can I use a P87 or do I have to self assess?

BoGoF

£2500 relates to quantum of expenses claimed do you will need to do a tax return.

Trumpin

Thanks a lot!

Bobb12345

Hi,

I have a main job, which my employer pays me the 0.45p rate per mile.



I have recently started a second job, in an unrelated industry to my first job and again, I use my own vehicle for this. I understand I need to complete something called a P87 at the end of each tax year. Does this effectively allow me to claim 0.45p per mile as well, as long as the expenditure is less than 2,500?



Would some be able to advise on the above? I guess I will need to record all the business miles I do, and the fuel costs (receipts) I have, then I submit all the receipts and the mileage of where I have been and when? Would that be right? The government will then pay me the 0.45p per mile?



I then need to submit all of this after 6th April next year for this current year? I know it might seem daft, but I have never had to do all this before and advice would be most appreciated. Many thanks.

BoGoF

What is the nature of the 2nd job? Is it genuine business mileage and not commuting to a place of work.

No, the government won't pay you 45 ppm....you can get tax relief on business mileage, big difference. Why isn't employer 2 paying you mileage?

Bobb12345

Hi,

The second job is a job delivering papers, so the employer doesn't pay mileage, so basically tax relief is approx 20% off the cost of fuel etc? This is what you claim back. Is that right? Many thanks in advance.

unholyangel

Bobb12345 wrote: »

Hi,

The second job is a job delivering papers, so the employer doesn't pay mileage, so basically tax relief is approx 20% off the cost of fuel etc? This is what you claim back. Is that right? Many thanks in advance.

Mileage wouldn't be claimable for that job. It has to be an expense where anyone doing that job would incur the same expense.

Assuming you mean a paper delivery route rather than delivering from publisher to newsagents.