Chambers Bookkeeping
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Income Tax and NICs are due when allowances exceed these rates. Employees can claim tax relief on any shortfall.
Rates of up to 5p per mile, per passenger, are also tax and NIC free when paid for the carriage of fellow employees on the same business trip.
Services
Mileage Allowances
For Employees Using Their Own Transport
The approved maximum tax and national insurance free mileage allowances for employees using their own transport for business are as follows:
| Flat Rate | First 10,000 Miles | Thereafter |
| Car / Van | 40p | 25p |
| Motorcycle | 24p | 24p |
| Bicycle | 20p | 20p |
About Us
Fuel-Only Mileage Rates
HMRC advisory mileage rates at the time of the Budget for employee private mileage reimbursement or employer reimbursement of business mileage in company cars are:
Updates
| Mileage Rates | Petrol | Diesel | LPG |
| Up to 1400cc | 10p | 11p | 7p |
| 1401cc - 2000cc | 12p | 11p | 9p |
| Over 2000cc | 17p | 14p | 12p |
T: 0113 - 2174157
Keeping you updated
Budget 2010 - 22nd June Key Points - Affecting Small Business
Vat to increase to 20% from 17.5% from 4th January 2011.
Annual investment allowance decreases from £100k to £25k in 2012-2013 – This is the amount of tax relief you get when you purchase capital items.
The main rate of writing down allowance(WDA) is to reduce from 20% to 18% - this is the tax relief you can get for items that do not qualify for annual investment allowance.
The corporation tax rate for small companies to be lowered to 20% from 21%.
Personal income tax allowance increases to £7475 from April 2011.
Capital gains tax for higher-rate taxpayers will rise from 18% to 28%
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