Universal credit expenses for business use of car
Hi,
Im self employed and Im using my car for my business.
When I make first report of income/expenses by mistake I put my mileage and actual costs. After speaking with my coach I corrected this and stay with actual costs which I always do on my tax return.
My coach sent me message that I have to switch to mileage (simplify expenses) which I think it will be much worse for me.
I know I cannot switch on my tax return except I change car.
My question is do I have to switch, does my coach work can force me to change?
Thanks
Darek
Comments
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Hi @AlienChamp and welcome to the community. Unfortunately this isn't something that I'm familiar with but hopefully one of our members will be able to help you.
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It's 45p per mile for up to 833 miles. After that it drops down to 25p per mile. See link.
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Hi poppy, I know what are the mileage expenses, but I read on Google that I can choose what I want to include in my expenses, actual expenses or simplified, but Im not sure if that's true.
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5.1 Simplified expenses or actual costs
You can avoid using complex calculations to work out some of your business expenses by using simplified expenses.
Simplified expenses use standard ‘flat rates’ (flat rates are a set amount we use to calculate the expense), so you do not have to work out your actual costs.
According to this I can choose, I suppose 🤔
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If you choose to calculate your actual costs rather than flat rates, you will need to add up your total allowed costs for the period, then work out what part of your total costs were used only for your business.
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