Tracking your mileage.

[walnut]

I have recently started back as Sole trader and I have decided to use the mileage method to calculate business motoring expenses.
I was wondering what everybody uses to record their business mileage?
At present I just log start mileage and finish for the day but I expect the tax man will want more detail than that.
Has anybody experence of GPS software for a PDA ?
I have been looking at using GPS Dis that allows you to track your mileage and record comments for stop points, ie Pick up spares from suppliers, washer repair quote etc.

[iadom]

Re: Tracking your mileage.

My accountant and the taxman have been quite happy with a simple mileage record.
I just use a plain lined book and record closing mileage at the end of work, then opening mileage the following day. I write all my calls in order then record the mileage as I arrive at each call.
Never had a problem from the Inland Revenue, other than the nasty bills they keep sending me. 👿

I use an estate car for both work and private use.

[Martin]

Re: Tracking your mileage.

iadom wrote:My accountant and the taxman have been quite happy with a simple mileage record

Why record your mileage?

iadom wrote:I use an estate car for both work and private use.

Accountants usually deduct 20-25{e5d1b7155a01ef1f3b9c9968eaba33524ee81600d00d4be2b4d93ac2e58cec2d} for private use anyway

Martin.

[Bryan]

Re: Tracking your mileage.

Yeah , I`m the same , just give my accountant all fuel receipts totalled for the year and 25{e5d1b7155a01ef1f3b9c9968eaba33524ee81600d00d4be2b4d93ac2e58cec2d} is deducted for private use.

Bryan

[iadom]

Re: Tracking your mileage.

Martin wrote:Why record your mileage?

I have done for several years now.

From HM Customs & Revenue web site.

‘Motor vehicles and other assets used for business and private purposes

If you use the same vehicle for both business and private purposes, you should keep enough details to enable you to split your total expenditure between business and private use. Usually it will be enough to keep a record of business and private mileage and split the vehicle running costs in the same proportions.

There may be other assets that you use for both business and private purposes, for example, a house or shop premises that include a flat. If so, you will again need to keep sufficient records to work out what expenditure relates to business use and what to private use. ‘

[walnut]

Re: Tracking your mileage.

There are two ways of calculating business motoring expense.
The traditional method is to collect all reciepts, petrol, insurance, repairs etc.
The second method is through business mileage. I think the rate is 40p/mile for first 4000 miles then 28p/mile thereafter.
If you use an older vehicle and do your own maintenance it can work out a lot better using the mileage method.

[Author]

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