Fad
Member
Registered: 1st Feb 01
Location: Dartford Kent Drives: 330cd
User status: Offline
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quote:
Originally posted by pow
50 miles? Really worth all that moaning for 50 miles?
I would be if I would be entitled to £22.50!
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bwbw
Member
Registered: 14th Feb 05
Location: Glasgow
User status: Offline
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quote:
Originally posted by VrsTurbo
the government limit is set to 40pence per mile. If your company offers you less you can get tax relief on it.
Like for example if i do 10k miles in a year i get 11ppm
10000 * .11 = 1100
The difference of the goverment standard 40 - 11 that the company gives
10000 * .29 = 2900 - 1100 = 1800 back when tax gets done
This technically isn't true, you get tax relief on the difference.
I.e. You do 10'000 miles a year at 11p
10'000 x 0.11 = £1100
Government pays 0.4 a mile
Theoretical amount claimed should be £4000
Difference between these = 4000 - 1100 = £2900
Tax relief on the difference is 22% of £2900 = £638
Think realistically for a minute.... Do you think the government can afford to pay out this £2900 to every Tom, Dick & Harry.....
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Graham88
Member
Registered: 16th Apr 07
Location: South East Kent Drives: E46 M3
User status: Offline
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Well they seem to enjoy paying millions to some african in a far away country so I don't see why not!
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tom_simes
Show Staff
Organiser: South Wales
Premium Member
Registered: 12th Jan 05
Location: Undy, Newport Drives: Skoda Octavia vRS estate
User status: Offline
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quote:
Originally posted by bwbw
quote:
Originally posted by VrsTurbo
the government limit is set to 40pence per mile. If your company offers you less you can get tax relief on it.
Like for example if i do 10k miles in a year i get 11ppm
10000 * .11 = 1100
The difference of the goverment standard 40 - 11 that the company gives
10000 * .29 = 2900 - 1100 = 1800 back when tax gets done
This technically isn't true, you get tax relief on the difference.
I.e. You do 10'000 miles a year at 11p
10'000 x 0.11 = £1100
Government pays 0.4 a mile
Theoretical amount claimed should be £4000
Difference between these = 4000 - 1100 = £2900
Tax relief on the difference is 22% of £2900 = £638
Think realistically for a minute.... Do you think the government can afford to pay out this £2900 to every Tom, Dick & Harry.....
bwbw is correct, this is what actually happens.
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bwbw
Member
Registered: 14th Feb 05
Location: Glasgow
User status: Offline
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lol only know cause I've claimed it before.
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