Self Assessment Expenses

[taichiperson]

I'm self employed and about to file my online accounts for 14/15. I have been claiming 40p per mile for travel expenses (I drive around 200-300 miles a week to various places) but heard that the allowances is now higher - can anyone tell me what it is please?

[Hopkirk]

I understand it to be 45p a mile up to 10,000 miles, then 25p a mile after that.

[Hopkirk]

Confirmed here:

https://www.gov.uk/expenses-and-benefits-business-travel-mileage/rules-for-tax

[taichiperson]

Thankyou very much Hopkirk, that's just the information I needed :)

[Hopkirk]

You get 20p a mile if you cycle!

[taichiperson]

slightly confusing though, as it concerns employees - of which I have none!

[taichiperson]

Haha, thanks for the info re cycling - I can just about cycle safely in a straight line - cornering can involve letting go of the handlebars to signal, and that would have me over on my backside without a doubt.

[Hopkirk]

Well I've been self employed for three years now and that's the figure my accountancy company use.

Initially I was as a 'sole trader', but in the last year they have set me up as a Ltd company of which I am the only employee. In both situations I have been able to claim travelling expenses at this level.

[taichiperson]

My accounts are pretty simple, so I do them myself. I haven't got as far as being classified as sole trader etc.