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Post Info TOPIC: petrol expenses for Limited Company
kc


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petrol expenses for Limited Company
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hi
I do the book-keeping for a limited company.  The directors car is not in the accounts as an asset.  She does not do much mileage for business as she mainly works from home but she does do some.  Should she be keeping a track of what business journeys she does do and the miles and then I can calculate a cost at 40p per mile and then dr motor exps  cr directors current account

thanks!
Karen

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Nimac


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Yes, i would do this.

Record his mileage in the way you suggest, this will have the effect of reducing his taxable profit.




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kc


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thanks!

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