Tax FAQs from...

Your Questions Answered

Below are the 4 database entries on the subject of General.

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What will my company car cost me? :
The first thing to bear in mind is that the cost to you is not the actual car benefit. For example, if your highest rate of tax is 40%, a company car benefit of £5000 will actually cost you £2000. Please see also our Car Benefit calculator.
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If I choose to use my own car for work, what costs can I claim against my tax? :
H M Revenue & Customs have approved standard pence per mile rates which are deemed to cover all business expenses incurred from using your own car. The rates are 40p per mile for the first 10000 miles and 25p per mile thereafter. Please see our Mileage Expenses calculator for more details.
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Am I required to keep records of business mileage? :
Yes, you should keep an accurate record of your business mileage. Your log should include details of dates, destinations mileage and reasons for each business trip. If you are required to complete an expenses log for your employer this is usually acceptable.
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What happens if my employer reimburses me more than I can claim under the Revenue approved rates? :
In this case, you will be taxed on the excess. However, you should not have to work out the amount for yourself. Your employer must tell you the exact amount of all taxable income, including any taxable expenses payments such as these.
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