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Fuel Card / Tax Relief
Raymaan
Posts: 7 Forumite
Hi,
I am the director of a family-run private limited company and would like some advise on how to handle the dreadful fuel dilemma.
I use my Company Fuel Card to pay for fuel filled in my Personal Car which I use mostly for work (85% of miles are work-related). A fuel card saves me having to collect receiepts. I do not reclaim VAT on fuel as I'm under Flat Rate VAT Scheme.
Do I need to make a log of each work-related journey to act as proof of the 85% of miles are work-related?
What process/method should I use? Is it to pay the company from my wages (after income-tax) for personal miles? (if so, what rates/calculation do I use)
Am I better off paying for fuel using a personal credit card, collect reciepts, then pay myself through the company the work-fuel portion, and then claim the tax relief on the p11d?
I'm alittle unsure of what the best process/method would be - in the sense that, least admin-work required, and tax
I am the director of a family-run private limited company and would like some advise on how to handle the dreadful fuel dilemma.
I use my Company Fuel Card to pay for fuel filled in my Personal Car which I use mostly for work (85% of miles are work-related). A fuel card saves me having to collect receiepts. I do not reclaim VAT on fuel as I'm under Flat Rate VAT Scheme.
Do I need to make a log of each work-related journey to act as proof of the 85% of miles are work-related?
What process/method should I use? Is it to pay the company from my wages (after income-tax) for personal miles? (if so, what rates/calculation do I use)
Am I better off paying for fuel using a personal credit card, collect reciepts, then pay myself through the company the work-fuel portion, and then claim the tax relief on the p11d?
I'm alittle unsure of what the best process/method would be - in the sense that, least admin-work required, and tax
0
Comments
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you would be better claiming mileage at the 45p rate much more straight forward - i'd speak to your accountant and get the best answerThe futures bright the future is Ginger0
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