How to Claim Mileage Allowance for Your Business Travel
HMRC has set specific mileage allowance rates for those using their own vehicles for business-related travel. If you are a self-employed individual who uses your vehicle for any business usage, you will be able to claim a mileage allowance for the tax year.
What are the Mileage Allowance Rates?
The approved mileage allowance rates are as follows:
The above rates are also applicable in the case of an electric vehicle.
What Records Do You Need to Keep?
If you are looking to claim Mileage Allowance Relief, you must have the following records:
- Date of Travel
- Start and end address of each trip, including the postcodes
- Number of miles travelled
- Purpose of the journey
If you have all these records, all you need to do is claim your Mileage Allowance through a self-assessment tax return. You can do this online or by post. You’ll need to enter the total amount of miles you’ve travelled for business purposes and the total amount of expenses you’ve incurred. To learn more about it, don’t forget to visit our complete guide on Mileage Allowance Relief.