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Self-Assessment tax planning
There are two choices when a client has purchased a company vehicle in the tax period. The mileage method where the client would claim a mileage expense for the number of miles travelled or the full expense method where by you claim the cost of the van, fuel and other motor expenses.

Our client had the same dilemma and asked us to explore the options on their behalf, so should they be claiming for all fuel, servicing and other motor costs or for mileage. Before making this decision its always best to check which method is more tax efficient. It is also worth remembering that once a method is chosen for specific van it cannot be changed until a new vehicle is purchased, for example you cannot claim AIA with the mileage expense and vice versa.

In this case it so happened that the mileage method would have cost our client over £2000 more in tax through their self-assessment for the period. This shows the value of checking the figures before deciding on a tax method and the benefit of using an accountant to run through the figures for you. Our self-assessment tax returns cost £300 therefore our client gained over £1700 by letting us put through his self-assessment tax return.

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