Car insurance

[D'oh Nut]

I'm just about to renew my car insurance. Always just gone straight for 'social and commuting' before. But a thought hit me today... should I be selecting the 'business miles' option?

Do I have to do it, is it worth it and is it expensive?

I'm not trying to scam here, just not sure if I should be paying for this and don't want to unnecessarily if I don't have to!

[Malvolio]

Originally Posted by D'oh Nut

I'm just about to renew my car insurance. Always just gone straight for 'social and commuting' before. But a thought hit me today... should I be selecting the 'business miles' option?

Do I have to do it, is it worth it and is it expensive?

I'm not trying to scam here, just not sure if I should be paying for this and don't want to unnecessarily if I don't have to!

You should have the business option. If you have an accident while on client time (basically any mileage you can claim on expenses), you may not be insured. An employee can't claim mileage for travel to work so fits under the social and commuting heading. It's not stupidly expensive but still necessary.

[O.S.C.R.U.F.T.]

Whilst you're on the subject of business miles, does anyone know what the latest rates are for claiming VAT back on petrol expenses? I offset 40p per mile currently and drive a 1600 cc car.

Thanks

[Malvolio]

Originally Posted by O.S.C.R.U.F.T.

Whilst you're on the subject of business miles, does anyone know what the latest rates are for claiming VAT back on petrol expenses? I offset 40p per mile currently and drive a 1600 cc car.

Thanks

40p per mile up to 10k miles, 25ppm thereafter. Of course, you can claim what you like, but anything over the above will be classed as a BIK.

[O.S.C.R.U.F.T.]

Originally Posted by Malvolio

40p per mile up to 10k miles, 25ppm thereafter. Of course, you can claim what you like, but anything over the above will be classed as a BIK.

Hi mal, I was actually wondering about the input vat that I can claim on 40p pm mileage expenses. Is it something like 15p petrol (our of the 40p total claim) x (3/23)? I can't find the information anywhere on the HMRC website

Thanks

[Beefy198]

Originally Posted by D'oh Nut

I'm just about to renew my car insurance. Always just gone straight for 'social and commuting' before. But a thought hit me today... should I be selecting the 'business miles' option?

Do I have to do it, is it worth it and is it expensive?

I'm not trying to scam here, just not sure if I should be paying for this and don't want to unnecessarily if I don't have to!

If you want to play the "big cheese", print out pretty little business cards, say "I'm a director of my own company!", claim that you're in business of your own accord so that you can pay yourself lovely dividends then.... you need to act like one.

This probably wouldn't increase your bills that much.

Mind you.... if you're working through a brolly (you haven't stated) then I would presume you don't need to put down business miles (as you're an employee going to a site). I could be wrong though.

[The SMG]

Originally Posted by O.S.C.R.U.F.T.

Hi mal, I was actually wondering about the input vat that I can claim on 40p pm mileage expenses. Is it something like 15p petrol (our of the 40p total claim) x (3/23)? I can't find the information anywhere on the HMRC website

Thanks

found it this morning...

Fuel VAT Element
HMRC - Notice 3
01/01/2009

Petrol (>1400 cc = 10p, 1401 cc - 2000 cc = 12p, > 2001 cc = 17p)
Diesel (>1400 cc = 11p, 1401 cc - 2000 cc = 11p, > 2001 cc = 14p)
LPG (>1400 cc = 7p, 1401 cc - 2000 cc = 9p, > 2001 cc = 12p)

Take your pick

G

[hugo@gabem]

Originally Posted by Beefy198

Mind you.... if you're working through a brolly (you haven't stated) then I would presume you don't need to put down business miles (as you're an employee going to a site). I could be wrong though.

Beefy198 is largely right, the drive to the first site is your commute, but driving between sites constitutes business use.

[CliveP]

I always thought ALL mileage was tax allowable when working through an Umbrella Company? Is this not the case then?

[Malvolio]

Originally Posted by CliveP

I always thought ALL mileage was tax allowable when working through an Umbrella Company? Is this not the case then?

Possibly not. I think HMRC is trying to make it the exact opposite. You are, after all, legally the Umbrella's employee. That rather changes the rules...