If a car is avail for personal use and you pay for all your private mileage and keep records is this sufficient for tax purposes? Can a company deduct a "certain amount" from an employees salary to ofset the tax and thus save the employee filling in tax returns?
2006-09-12 09:49:31 · 10 answers · asked by einstein 1 in Business & Finance ➔ Taxes ➔ United Kingdom
If you are using the car for personal use you are NOT entitled to any tax cuts on fuel. It is still a good idea to keep the receipts though as you may wish to claim for unused fuel when you return the car - ask at work what the policy is as they may calculate fuel use by the mile and therefore you would also need to log your mileage.
2006-09-12 22:19:25 · answer #1 · answered by Tom W 2 · 0⤊ 0⤋
It is good practice for you and for everyone to keep records, one day proof of expenditure may be required. If there is a dispute between you and your compmay, or between you and the tax man you will always be required to produce records. At the end of each week enter all your trips, mileage and costs in an excel spread sheet and save the spreadsheet. This helps you to know how much you are spending and how far you are travelling at a glance.
2006-09-12 10:02:28 · answer #2 · answered by cool runings 3 · 0⤊ 0⤋
I would recommend you obtain a V.A.T. receipt for all fuel purchased, not just a till receipt. Always keep a record of mileage used for own use. I would advise you keep a log book of all vehicle usage, including business, and make copy's of any details you may send to your accountant for your own records. A company, in my opinion, should not deduct any money from your salary unless they have stated this in your contract of employment.
2006-09-12 10:26:14 · answer #3 · answered by Dr David 6 · 0⤊ 0⤋
it is good practice to keep all reciepts. the mileage for business use should be dealt by expences payments via the company as the tax allowances are dealt in the
PAYE system. the benefits of a company car have been greatly reduced by the inland revenue in recent years. it is not the perk it once was.
2006-09-12 10:22:06 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I think that a car allowance is best, because if you end up leaving the job you get to keep the equity that has been paid into the car!!! If you take the company car, you'll eventually just have to give it back and be left with nothing.
2016-03-26 22:21:39 · answer #5 · answered by ? 4 · 0⤊ 0⤋
If you want to be reimbursed for fuel costs, you'll probably be required to show receipts for expenses. If you are paying for the fuel yourself, then it would be company policy that you'd need to follow.
2006-09-12 10:00:49 · answer #6 · answered by blackfangz 4 · 0⤊ 0⤋
no you dont but you might be able to claim vat back in which case you would. However all you need to do to use the car for personal use is declare it in your milage records
2006-09-12 10:02:47 · answer #7 · answered by jess w 2 · 0⤊ 0⤋
yes, Because you need them for the TAX man.
2006-09-12 10:17:05 · answer #8 · answered by Anonymous · 0⤊ 0⤋
unless your self employed no you might be able to claim vat back though your company
2006-09-12 09:53:12 · answer #9 · answered by Anonymous · 0⤊ 0⤋
i'll keep the records just in case they ask for it
2006-09-12 09:53:10 · answer #10 · answered by Anonymous · 0⤊ 0⤋