car costs/mobile techs/self-employed-help!

[buttonmoon]

i do have an appt to see sum1 about this but wanted to ask how u geeks done it?

do u take car costs from both business and personal money?

things like that
how do u all work it into ur accounts?

i kno that was a bit vague but my heads spinning!

thanku for any info
x

 

[Teena_B]

i do have an appt to see sum1 about this but wanted to ask how u geeks done it?

do u take car costs from both business and personal money?

things like that
how do u all work it into ur accounts?

i kno that was a bit vague but my heads spinning!

thanku for any info
x

I dunno if they do it in your area, but where I live, you can go to the inland revenue for a 2 day course on starting & running a business. I went, it's very good, they tell you things such as this. Get in touch with them and ask! The way I remember it, if you use a car for both business and private use, there are two options. The easiest way I thought was to have a little book that you keep in your car, then you write your mileage at the beginning and the end of every business day. You then have your business mileage totalled up at the end of the year, and you are allowed so many pence per mile. This works out a better option financially than the other way, where you also have to work out the percentage of your petrol receipts, MOT bills, repairs, etc etc. Far too complicated if you ask me!

HTH:wink2:

 

[buttonmoon]

i am going on this course in june

i want to do it the 40p per mile way

but do u pay for ALL car costs with your personal money till the end of the year? incl petrol tax services etc

then what happens?
do you physically take the 40p per mile for the whole year from your business account and put it in your personal account?
x

 

[buttonmoon]

like week to week
i cant really afford to run the car from personal money alone
cant afford to wait till the end of the year

im SOOOOOO confused!!
x

 

[Teena_B]

like week to week
i cant really afford to run the car from personal money alone
cant afford to wait till the end of the year

im SOOOOOO confused!!
x

I am not very good with money but I would say, if you think you are going to use your car for 75% business and 25% personal use, why not fill up 3 times from the business money, then on the fourth fill up use personal money? Be a bit hard to guess what the percentage is gonna be to start with I guess, but I think you'd soon start to know, especially if you're doing the mileage thing!

I'm no expert, this is just a suggestion!

HTH.