Elmer Fudpucker

.......Does anyone use their private car for company business?
I regularly travel from Southampton to Antwerp and rather than use a company VW Caddy,I always take me Scoob(wouldn't you?)with all my fuel paid for.
Anyway,my boss now wants me to work there 4 days a week,every week!

So what mileage allowance should i ask for?(99 RB5 with 23k)

..Incedentally,i rejected the offer of a permanent move,despite the offer of rent-free appartment and new company STi8
TIA
Jon

micaAB

god knows mate, i only know that in my old GTE (a good few years ago when i was a whipper-snapper), i use to get 45p a mile, but that don't sound alot now does it?

Elmer Fudpucker

I've absoluteley no idea,but the last time i was there(for two weeks).I used £120 in petrol.
But when you take wear and tear into account,stone chips..etc..etc..
...and i've got to give him a figure by tomorrow(gulp!!)

Jon

midlife-crisis-scooby

Elmer

I work in the public sector and for essential journey's (car use) I get between 23 and 40 pence a mile depending on the circumstances !!

Last job I had in the public sector in Manchester they'd tax you on the "earnings" as well..

Midlife...

The TunnelMeister

Hi Jon,

checkout the tax free allowance figures? I think you will find that if you are providing a vehicle for business use you can be paid 40p for the 1st 10k miles and 25p thereafter.
Just keep business mileage recorded only.

Inland Rev website has the details, beats the s**t out of having a company car!

Hope this is of use mate.

cheers

Steve.

skoosh

My company, a large builders Merchant actually pays me £4k per year to run my own car as I opted out (I'm a branch manager) they also pay me 40p per mile for business miles, average mileage is about £200 per month. You can claim 40p for the first 6000 miles, thereafter it's 25p.

Not many people know this but you can actually claim 22p per mile back from the taxman, as companies should actually be paying 62p per mile for using your own car.

THIS IS NOT A WINDUP, I've been in touch with my tax office and am in the process of putting a claim in for what's owed. This is kept very quiet indeed.

So, in theory, my company actually pays my monthly optimax bills for all of my travelling, business and personal.

Skoosh.

BOB.T

We do the odd bit of whizzing about here and there, we get 40p a mile cos anymore you have to pay tax, **** that!

You might want to check your insurance if you're using it for "Business", an ordinary policy prolly won't cover you.

Good luck

Elmer Fudpucker

Thanks Bob... defo on company insurance
Jon

*Sonic*

I get 500quid a month car allowance (this is taxed at source) and then I get 12.5p a mile for business miles (again taxed at source)

At the end of every year, we tell the taxman how many miles we have done@12.5p a mile

Then we (think this is right) fill the box in at the inland revenue allowance(40 something pence per mile), and we get the tax back on the difference betweem the two figures

Reasonable business mileage per year usually equates to between 1500-3000 cash back

Bonus

logiclee

I get 40p a mile.

Tesco include buisness cover on their standard policies. Maybe worth a try.

Lee

Houlbt

well here is an extract from my company mileage rates... driving, I love business miles don't do over 4000 a year though. Think I am right in thinking that even if your company pays you less than the rates shown below... you can get the difference between what they pay and the inland revenue figure back as a tax break at the end of the year.




In order to bring us in line with the Inland Revenue approved rates please note that with immediate effect the following rates are to be used when claiming for business mileage.

Own Cars

Engine Size Upto 4000 miles Over 4000 miles
Upto 1,000cc 40p 25p
1,001 to 1,500cc 40p 25p
1,501 to 2,000cc 45p 25p
Over 2,000cc 63p 36p

Houlbt

As Sonic said.... you claim the difference between what your company pays and the Inland Revenue figure back at the end of the year.

Easier and cheaper for yu though if you can persuade your company to match the inland revenue figure though - unless you can persuade the tax man to pay you back the lost interest

GU5

35,000 miles a year + personal
You'll have to allow more for insurance, and get cover for foreign driving. 2 to 3 sets of tyres, lots of servicing other expenses...

Realistically looking at about £1 to £1.20 per mile

Accountingscoob

As stated above from 2002/03 the inland revenue Fixed profit car scheme rates (i.e. the amount your employer can pay you tax free for business mileage) are 40p for the first 10000miles and 25p thereafter. They can always pay you more but tax is due on the difference. If you are paid less, tax relief can also be claimed on the difference.
But as long as you certify that the mileage is soly for business purposes your employer does not need to deduct tax in the first instance below those rates, it just needs to be included on your p11d with a covering letter to that effect. Good luck running a scoob on 40p per mile though!!!!!

hail-hail

Knew a guy who ran a heavily modded Skyline on company business all over europe, reckoned it cost him about £5 and £6 per mile , he did own the company mind

IWantaScoobyNow

I was using my own scooby for work for about 4 weeks a while back as my company car was being borrowed by someone else who got theirs nicked.
I could have claimed my 30p a mile but rather than doing that I just said to them I will use fuel card and they pay for all servicing and maintenance during that period.
Managed to get horrendous amounts of fuel even at the weekend and they paid for my service and i got a nice new set of yokohamas all round and some new brake pads.
Bargain.

Shame I am back to the focus now.

Baby Blue

The TunnelMeister is correct - The Inland Revenue rates for using your own car for business mileage are, with effect from 6 April 2002:-

Cars and Vans 40p per mile up to 10,000 miles and 25p per mile thereafter. The engine capacity makes no difference anymore. (There were different rate pre 6 April 2002)
Motorcycles 24p per mile - no limit.
Bicycles 20p per mile - no limit.

If you are paid anything less than this, you can claim tax relief on the difference on your Tax Return. e.g. if you received 35p per mile on your 6,000 miles, you can claim the additional 5p per mile on your return, i.e. £300 @ your marginal tax rate.

If you are paid more than this, the excess becomes a taxable benefit and should be reported to the Inland Revenue on a P11D at the end of the year - box 1.15 of the P11D o be exact.

You also need to make sure that you keep an accurate mileage log of all business mileage throughout the tax year, which can be produced to the Inland Revenue, should they request it in an enquiry.

God, I sound like an accountant - oops, I am one!

BB

Echo

Same as Sonic here, get 13p/mile and have to go back to the tax man for the balance - which is quite huge at 25k/year company miles! I now try to use the missis Sport as much as I can and am putting the mega miles on that as it's not worth that much any more and servicing is much cheaper than the WRX.

:-(

Mike

john_s

iTrader: (1)

I get the 40p/25p per mile as per IR guidlelines. Don't get any car allowance though.

Without working it out (not bothered to yet... must get round to it), i've a strong feeling that it *must* be cosing me more than 40p/mile to run my scoob.

John

Elmer Fudpucker

...ok,so a round trip of about...say...700 miles.....depreciation
of my pride and joy,how do i arrive at a reasonable figure??

thanks for the replies
a very cr@p at maths Jon


Cheers Steve,I'll have a look,before i go'cap in hand'to our accountant tomorrow

[Edited by Elmer Fudpucker - 5/8/2003 11:44:18 PM]