How to claim /pay business mileage on FRS

[dagenheis]

Hi, I have looked into few other threads to find a specific answer:

My ltd co is on FRS.

I do about 1200 miles every month (60 a day)

I am calculating business mileaage @ 45 pence per mile.

I want to make a business mileage payment to myself for last 3 months. I tend to maintain a mileage claim form on month basic.

Is that a normal practice that I can pay from the company account to my personal account and inform the accountant? Some people seem to process such payments every month?

Given that I am on FRS , whats the formula to calculate the payment to be made? e.g. 1000 miles * .45 = 450 GBP? Is that right?


Ta

[Fred Bloggs]

I pay myself the mileage monthly and I keep a spreadsheet record of the payments that I send to the accountant annually. You are correct, pay 45p for the first 10k miles then 25p over that.

[zedAccounts]

The AMAP scheme is available to you regardless of whether your company is on FRS or not. Your calculations look right.

ZED.

[dagenheis]

Yes, I am going to process the business mileage + expenses payment to my personal account on monthly basis from now on. That just gives me better idea about financial affairs.

thanks for replying!

[ChimpMaster]

Given the extortionate cost of petrol, 45p/mile barely covers the fumes that evaporate while filling up the tank. When is this this ridiculous number going to be increased?!

[Wanderer]

Given the extortionate cost of petrol, 45p/mile barely covers the fumes that evaporate while filling up the tank. When is this this ridiculous number going to be increased?!

I think they did increase it recently, it was 40p. Considering the price of petrol has probably doubled since the 40p rate was introduced, I agree that the 45p rate is a bit of a joke.