Interested In Advertising? | Contact Us Here
Warning!

 

Welcome to Clean It Up; the UK`s largest cleaning forum with over 34,000 members

 

Please login or register to post and reply to topics.      

 

Forgot your password? Click here

Justen Uff

  • Posts: 687
40p per mile or annual tax claim on van?
« on: February 11, 2008, 08:09:03 pm »
I know you have to decide from the start of claiming for your vehicle............
But............At what point is it worth switching from one to the other? :-\

xxmattyxx

Re: 40p per mile or annual tax claim on van?
« Reply #1 on: February 11, 2008, 08:11:47 pm »
When the other is worth more to you.

Sorry, ok, I dont know, but Ive always done the 40p per mile, its simpler for starters, no receipts to worry about for starters.

Matt

Justen Uff

  • Posts: 687
Re: 40p per mile or annual tax claim on van?
« Reply #2 on: February 11, 2008, 08:30:04 pm »
thanks sorry I put this in 2 subjects because I'm interested to know how much fuel we use too.

williamx

Re: 40p per mile or annual tax claim on van?
« Reply #3 on: February 11, 2008, 08:36:57 pm »
You don't have to decide which way you are going ie milage or actual costs untill you fill in your tax return, but when you do, you cannot change over to the other rate unless you change your vechicle.

DASERVICES

Re: 40p per mile or annual tax claim on van?
« Reply #4 on: February 12, 2008, 08:14:57 am »
I use the 40p per mile and the tax man gives me money  ;D

Last year I claimed £5.5k, and if I went cost route it would have been around £2.5k

However I do high mileage, what you need to do is run both scenerios and then at the tax year claim the one you are better of with.

I did do a spread sheet and was surprised even buying a new van in the long run the 40p mile came tops.

Pj

Re: 40p per mile or annual tax claim on van?
« Reply #5 on: February 12, 2008, 08:24:26 am »
I've done the 25% tax way plus 40% in the first year.  I don't think you can change methods can you once you've started?