Help Needed With Motoring Expenses

martindow

I'm a sole trader and my car is used partly for private and partly for business use.  At the moment I am using 45p/ mile for business mileage, but having looked at recent figures I would be much better off using the actual costs and apportioning them for the percentage of business mileage.

Am I free to change the system that I am using?  If so, can I make this change part way through my accounting year and the tax year (my accounts are are drawn up to align with this, April 6th to April 5th)? 

Bookworm105

once you pick a method you have to use it consistently for the life of that vehicle, so you can only change method when you change car.

otherwise you would end up duplicating capital cost claims if you switched during its life as each method includes an element for capital in their calculation and capital of course is tied to the life of the asset, not just its running cost 

martindow

Thanks Bookworm - it will be something to consider when I change cars.