The Book-keepers Forum (BKF)
The Book-keepers Forum (UK) -> General Book-keeping & Accounting -> Correct accounting procedure for Director's mileage.
Post Info TOPIC: Correct accounting procedure for Director's mileage.
Leger


Master Book-keeper

Status: Offline
Posts: 3904
Date:
Correct accounting procedure for Director's mileage.
Permalink Closed

Sorry, I should actually know this.

I am the Company Director

I buy fuel on company debit or credit card.  

I claim mileage at 45p a mile.

 Are the transactions  as follows:

 

Fuel CR Bank  DR DLA

Mileage  CR DLA   DR Motor Expenses?

 

Up until now I've just bought the fuel on company card and assigned it to Motor Expenses, but not claimed mileage, but as from 2018/19 I will be doing.



-- Edited by Leger on Sunday 14th of April 2019 12:43:48 PM

__________________

John 

 

 

 Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
Cheshire


Master Book-keeper

Status: Offline
Posts: 8646
Date:
Permalink Closed

Your double entry is correct. Although I would go one stage further and encourage you not to use your business account for personal spend.

In the past, how have you adjusted for the personal element/BIK?

__________________

 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
Leger


Master Book-keeper

Status: Offline
Posts: 3904
Date:
Permalink Closed

Thanks Joanne.  Fair point on using the business account for personal spend. I discourage it with my clients, but I only decided to do it the new way this month, but will be backdating it for the 17/18 accounts when I do them next month.  

 

In the past, how have you adjusted for the personal element/BIK?

I have only ever put fuel in to cover the cost of the journey.  



__________________

John 

 

 

 Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
Cheshire


Master Book-keeper

Status: Offline
Posts: 8646
Date:
Permalink Closed

Leger wrote:

 

I have only ever put fuel in to cover the cost of the journey.  

 I think you might be able to guess what I would say to that and how you measure the exact amount of fuel, you bad boy! wink



__________________

 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
Page 1 of 1  sorted by
 
Quick Reply

Please log in to post quick replies.
The Book-keepers Forum (UK) -> General Book-keeping & Accounting -> Correct accounting procedure for Director's mileage.
Tweet this page Post to Digg Post to Del.icio.us
Members Login
Username 
 
Password 
    Remember Me  
©2007-2024 The Book-keepers Forum (BKF). All Rights Reserved. The Book-keepers Forum (BKF) is a trading division of Bookcert Ltd. Registered in England Company Number 05782923. 2 Laurel House, 1 Station Rd, Worle, Weston-super-Mare, North Somerset, BS22 6AR, United Kingdom. The Book-keepers Forum and BKF are trademarks of Bookcert Ltd. This forum is a discussion forum only. There will usually be more than one opinion to any question and any posting should not be viewed as a definitive solution. No responsibility for loss occasioned to any person acting or refraining from action as a result of any posting on this site is accepted by the contributors or The Book-keepers Forum. In all cases, appropriate professional advice should be sought before making a decision. We reserve the right to remove any postings which are offensive, libellous, self-promoting or engaged in covert marketing. We will not notify users of removals. The views expressed in the forum posts are those of the individual and do not necessary reflect or agree with those of The Book-keepers Forum. Any offensive or unsuitable posts will be removed by the moderators. Any reader of this forum can request for a post to be looked into by sending an email to: bookcertltd@gmail.com.

Privacy & Cookie Policy  About