What do you do?????

[nikkiv]

I am just wondering what people do with accounts and veichles?

In April i bought a people carrier as the childminding got very very busy, i wouldn't have bought this as i was very happy with my car but needs must for the business to thrive.

Anyway what do people do?

Do you put your car and expenses through the books? If i do this do i also run fuel through my expenses and mileage?

or do i put mileage through? But if i do this can i still put my two new tyres that i've just done and save all fuel expenses?

Just would be interested to know what people do and how?

All help / advice will be very gratefully received :clapping::clapping::clapping::clapping:

[rickysmiths]

As you bought the car in April I recommend you keep a record of all your business mileage for the year and a record of all your car expenses and see which works best at the end of the year.

If you do claim mileage you can't claim for anything else for the car so not the tyres because the cost is meant to come out of the mileage money.

[MrAnchovy]

I agree with rickysmiths - in fact I'd wait until about this time next year when you have a good idea of how much business and private mileage you are doing and how much it costs to run.

And you can even have a second bite of the cherry any time before January 2014 by resubmitting your return (note that you can't switch backwards and forwards between actual costs and mileage unless you change car but you can backdate your decision).

[Chatterbox Childcare]

As others have said WAIT until you know your business percentage and then work out capital depreciation and mileage and see what is best for you