SEARCH, INDEX, UPDATES, CONTENTS, SERVICES, TAX COMPLIANCE, MILEAGE RECORDS
With the introduction of Self Assessment, the Inland Revenue published details of the records they consider should be kept in support of claims for tax relief, either by businesses or individuals. This also applies to individuals with company cars who are claiming to drive in excess of 2,500 or 18,000 business miles.
One area which is attracting attention is in respect of mileage records.
The Inland Revenue expect the taxpayer to keep a record showing the date and purpose of each journey and the number of miles traveled.
Mileage record form - print this handy form to record your business mileage.
Prior to Self Assessment, many claims for business mileage were submitted on an estimated basis, typically as low as 10% private use for taxi drivers, 25% business use for many other businesses.
Most inspectors will be reasonable about estimated proportions of business use, but as a minimum we recommend that mileage is recorded for a typical sample period each year. A full record is, of course, best.
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