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I am using the Self Employed version of QuickBooks and I have been recording my mileage using the App, however how do I enter my fuel receipts? Do I simply split the receipt between business and personal? Also what do I need to do with the 'total deductions' available from tracking my mileage?
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Hello Emma
Using the simplified method, you can't claim vehicle insurance, repairs and servicing, or fuel costs, but you can claim all other travel expenses in addition to your simplified expense amount.
You can enter a manual transaction such as a split transaction as an expense however,if you need this to be allowable you would need to select the travel category(on the business side of the transaction) as the car vehicle category on a manual entry will push this into the disallowable section
More information can be found here
Any questions let u s know
Emma
Hello Emma
Using the simplified method, you can't claim vehicle insurance, repairs and servicing, or fuel costs, but you can claim all other travel expenses in addition to your simplified expense amount.
You can enter a manual transaction such as a split transaction as an expense however,if you need this to be allowable you would need to select the travel category(on the business side of the transaction) as the car vehicle category on a manual entry will push this into the disallowable section
More information can be found here
Any questions let u s know
Emma
Hi Emma,
thanks! How should I work what percentage I should split each receipt by?
Hello Emma
It is a case of doing the manual calculation based on how many miles are allowable and how many were personal,working out the percentage from that. IIf you need guidance further it is worth reaching out to HMRC,there is also a link for their website on the bottom of the Community page which was in the last post to you
Emma
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