Help please

[shell28]

Im planing on going live in about 2 months time and im getting everything together in prep for that but would like some help and advice.

1. I know you keep all your reciepts but if you are mobile do you include all your petrol reciepts too?

2. When you do your outgoings do you include things such a car insurance.

Sorry if these have been asked before i have searched but not got the answer im after!!

 

[AndyP]

In a word - yes! Any cost you incur in carrying out your business should be included in a cost. If you are mobile you should also be able to claim the cost of your car not just insurance - the tax man may claim that you use a percentage of it for personal use so can't claim the entire amount. This is whay i always say get a good accountant as they shoudl always be able to pay there fees with the money they save you.

 

[user 28883]

I personally only do the fuel receipts as if I wasn't mobile I would still have the car and the insurance to pay as it is the family car. The reason i dont add this is my Husband pays for it and I am below the threshold for Tax anyway without putting this down. I think if you do put it down they will only allow a percentage as with car finance and maintenance.