Today, another valuable tip from Harnett Accountants in Twickenham. The approved tax free mileage rate for 2011/2012 was 45p per mile for the first 10,000 business miles. However, did you know that this rate only applies per separate employment. So if you worked for Company A and drove for 8,000 miles, and then worked for company B and drove 5,000 miles, all of your miles would be deductible under the 45p approved rate, even though you would have driven more than 10,000 miles in total.
So if your employers have given you 40p per mile for travel expenses, you are entitled to claim back an extra £650 (5px13000 miles). Come back soon for even more useful tax saving tips and advice.
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