Simplified Expenses

Simplified Expenses

As a sole trader running your business is time consuming enough without the added stress of calculating how much of the fuel you buy is allowable as a business expense every time you fill up your car.

Luckily this is one of several areas where HMRC make it easier for small businesses by allowing you to claim a fixed rate per mile for your business miles.

You simply keep a record of the business miles you do in the year and then at the end of the tax year calculate the total miles multiplied by the mileage rate to get the allowable expense.

There are certain rules and exceptions to this so make sure to check with your accountant to ensure you are eligible.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.