Massey Accounting Company

making your business less taxing

Help with… FAQ’s by the self-employed

For how long should I keep my records?

A: 6 years, plus your current year’s records. For assets / investments then retain records for 6 years after the date of sale, if sold. Otherwise retain records indefinitely.

What are the rules for claiming motoring expenses?

Generally speaking these are as follows: Dedicated business vehicles such as vans should be owned in the name of your business. This being the case the business will pay all associated motor expenses such as fuel, insurance, road tax.

Alternatively you may incur business mileage in non-business vehicles. For example to / from customers, suppliers, but not including commuting to and from a single place of work. Business mileage can be reimbursed to you by the business at the following rates.

In order to make these claims you should keep a diary or mileage log. The easiest way to do this is to use your smart phone. M.A.C. recommends Expensify. However for those who like the pen-and-paper method then M.A.C. offers a free template which you can download here.

These two methods for claiming for motoring expenses are also nicely summarised in this video by HMRC.

Also…

Are Gifts to Customers Allowable Against Tax?

Is Clothing Tax Deductible?

Find many more FAQ’s from our regularly updated blog.

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