 And don't forget to...
Reclaim from the taxman, i.e. if you get (say) 15p per mile for use of your car on company business then you can reclaim:
- 1st 10k miles against 0.45p/mile
- subsequent mileas against 0.25p/mile
i.e. if you do (make the maths easy) 20k business miles a year and you get 0.15p/mile from the company then you can reclaim:
10,000 * (0.45 - 0.15) = 3000
10,000 * (0.25 - 0.15) = 1000
So you can offset £4000 against tax, so if you pay 40% then the Govt owes you £1600 (i.e. 4000 x 40%)
BUT, don't forget that you car insurance now needs to cover you for business use, not just SD&Commuting... |