Thread: [Update] The Liberal-Conservative Coalition
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Old 14-05-2010, 11:31   #318
Flyboy
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Re: [Update] The Liberal-Conservative Coalition
Quote:
Originally Posted by Xaccers View Post
As a contractor you can claim back £0.40 per mile, netting you well over £4K from the tax man.
Your car is too new and "environmentally friendly" to run on anything but environmentally damaging derv (go figure).
Normally SVO costs me 71ppl, but Tesco are doing a deal so its about 50ppl.
I think you'll find that is up to four thousand pounds that he can set against his taxable profits (only for the first ten thousand miles, it is twenty-five pence per mile after that), assuming he is paying basic rate tax, that will net him only eight hundred pounds (or up to one thousand six hundred pounds, if he pays tax at the higher rate).
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