Advent Day 12 – Claiming Mileage Allowance tax free income.

Many of you may not know that mileage allowance is an often overlooked form of tax-free income.

If your job requires you to use your personal vehicle for work-related activities, you may be entitled to claim a tax-free mileage allowance.

This can significantly reduce your tax bill at the end of the year.

However, remember to keep a detailed log of your work-related journeys including dates, mileage, and purpose of the trip.

Remember, the taxman is always keen on accuracy!

You can also claim this from your own limited company if you use a personal vehicle for work trips, quoting jobs etc.

The rates are currently the first 10,000 miles a year at 45ppm followed by any remaining miles at 25ppm.

Stay tuned for more tax tips and financial advice. Saving money is making money. #TaxTips

#MileageAllowance #TaxFreeIncome #PersonalFinance #Day12