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P87 - Milage Relief
sdare
Posts: 2 Newbie
in Cutting tax
Can anybody help me?
I have a P87 form for 05/06 and 06/07. The 06/07 form states that if my claim is more than £2500 I need to complete a self assesment however there is no mention of this on the 06/07 form.
Does the £2500 rule still apply and is it £2500 before or after applying my tax threshold of 40%.
i.e. If I have done 20000 business miles and my employer pays me 15p a mile - 1st 10000 = 25p per mile = £2500
- 2nd 10000 = 10p per mile = £1000
- Total - £3500
- After applying my 40% tax bracket = £1400
Thanks in advance for any help.
I have a P87 form for 05/06 and 06/07. The 06/07 form states that if my claim is more than £2500 I need to complete a self assesment however there is no mention of this on the 06/07 form.
Does the £2500 rule still apply and is it £2500 before or after applying my tax threshold of 40%.
i.e. If I have done 20000 business miles and my employer pays me 15p a mile - 1st 10000 = 25p per mile = £2500
- 2nd 10000 = 10p per mile = £1000
- Total - £3500
- After applying my 40% tax bracket = £1400
Thanks in advance for any help.
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