get all your tax allowance on business mileage (UK)
I have come across quite a few people not using this allowance in the last few years and some managed to get rebates well into four figures.
This applies to anyone who does business mileage in their own car. If your employer pays you less than HM Customs and Revenue allows, then you can claim the difference as a non-reimbursed business expense and get yourself a nice little tax rebate. Inland revenue rates are 40p per mile for the first 10,000 miles and (I think) 25p per mile after that.
If for example you did 12,000 business miles in a tax year and your employer reimbursed only 15p per mile (my last employer only paid 13.5p :x ) then the calculation could be like this:
10,000 miles @ 40p = £4,000
2,000 miles @ 25p = £500
less reimbursed by employer 12,000 @ 15p = £1,800
Total non-reimbursed business expense = £2,700
If you claim £2,700, then as a standard rate taxpayer you should get £594 back and £1,080 if you are a higher rate taxpayer.
Don't forget that you should be able to go back up to 6 years with claims and HM Customs and Revenue require you to have documentation.
If you weren't aware of this, good luck, and mine's a pint :lol:
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12-06-2007, 08:31 PM
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