just worked out my last years mileage.
i have done 47'000 miles in a year from 1st april to now.
obviously will have to do extra few miles next week as well
i am claiming back from the tax man for the difference between .18 ppm and 40ppm for the first 10K miles then .25ppm for the last 37K miles.
is this right?
also, based on the mileage im doing, and the cash i get.
its around the £1000 mark, i guess, £300 from work and £700 odd pound for petrol/diesel.
which is going to be best now then?
that puts the bmw out the window for sure dosent it?
whos gona want an 03 plate bmw with 100K miles on it next year?
thats if i can buy one now with 50K miles on.
found a 51 plate midnight blue 530d seMan 44K miles fbmwsh saloon for £15K sat nav and beige leather.
how much is that gona be worth in a years time with just under 100K miles on? would i sell it for £10K ??
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Best way to check is go to www.parkers.co.uk and ask for a valuation based on a W or X reg one with 100k miles. That will give you an idea as to what it would be worth in a year with the higher mileage (give or take a few hundred). It will also show you what it would be worth as a trade in or private sale and in what condition.
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Even better do a search on autotrader and see what the prices are for the age and mileage of car you will have in a years time.
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i am claiming back from the tax man for the difference between .18 ppm and 40ppm for the first 10K miles then .25ppm for the last 37K miles. is this right?
Yes,
You have to ensure that all 47k were business miles, i.e. not commuting to the office. See Inland Revenue leaflet IR124 (Google for it).
You have been paid 18p for 47k = £8,460.
You can claim 40p x 10,000 + 25p x 37,000 = £13,250.
The difference of £4,790 can be claimed back from the Revenue, the best method depends on your personal circumstances. Speak to a professional advisor.
That £4,790 will be returned at 22 or 40% depending on your earnings. So £1,053 or £1,916 in real money back for you.
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cheers for that.
yes all business miles, and i never go to the office !
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Different car for private mileage then?
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