Thread: [Update] The Liberal-Conservative Coalition
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Old 14-05-2010, 21:54   #351
Flyboy
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Re: [Update] The Liberal-Conservative Coalition
Quote:
Originally Posted by Xaccers View Post
£1500 = approx 275gal = 13750 miles@50mpg = £4K (@40ppm) + £937.50 (@25ppm) = £4937.50

turnover - expenses = profit (ie you're taxed on what you earn after expenses have been paid, you don't take expenses out of the tax you've paid)

This is assuming £1500 extra cost in 6 months for business mileage.

Even when I worked for NTL as a basic tax rate payer on PAYE I claimed over £1500 one year.
That is the amount of money you can set against your taxable profits, not the amount of money saved from the amount of tax you pay. On your calculation, of thirteen thousand seven hundred and fifty miles, you would pay nine hundred and eighty-seven pounds less tax, on basic rate, not four thousand nine hundred and thirty-seven pounds.
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