45p mile or % of use?

[jumping j]

It's the first time I'll be doing a tax return and was just wondering which is the best to do.

I know that once you make a decision you have to stick to it until you get a new car so I want to make sure I'm doing the best one from the beginning.
The problem is I got a new car, for childminding, in October so I don't know what to expect re MOT and servicing for my new car.

I'm doing the 45p per mile for the car I had from starting minding -end of September as the car cost me nothing but fuel for this period of time.
I have done the sums for % of use (fuel, repairs, tax, insurance etc) and 45p from October - April and the 45p works out best money wise, but I'm concerned that when I start having to pay out for MOT, servicing and repairs the 45p wont cover it.

Lucky I've kept,most, of my receipts for fuel :laughing:

What did other people find the best financial wise for their cars?

[BucksCM]

Sorry, can't help. I've always done mine to the 45p per mile. It is amazing how it all adds up over the year though.

[rickysmiths]

I have had new cars for the last 12 years, changing them every 3 years and I have always claimed per mile. If you have a car loan you can also claim the interest on the loan.

[Chatterbox Childcare]

Can you send some figures to me and I will work it out for you

Start miles
Closing miles

Cost of car - need for depreciation

what have you spend for petrol, service etc if anything

[MrAnchovy]

You don't have to submit your tax return until January 2013 so you will have a better idea of costs then, and if things change dramatically you can always resubmit your 2011/12 return up to January 2014 (this doesn't count as changing the method, as long as you stick to the same method for 2012/13 etc.)

[jumping j]

Can you send some figures to me and I will work it out for you

Start miles
Closing miles

Cost of car - need for depreciation

what have you spend for petrol, service etc if anything

Thank you, I think I've worked it out for myself, it seems to add up, had to have a quick recap on how to work out % though, long time since GCSE maths!!!:laughing: