Recording mileage for EoY accounts

ericadbr · ‎May 02, 2022

Hi all, as plenty of you, I own a small business (limited company) that is not VAT registered and it doesn't have employees. Just me as a director.

I have tracked all my travel for my first year of business and now that we're preparing my end of year accounts I noticed that it wasn't being automatically considered within the accounts. I have followed the advise from other forum to create the relevant account type (specifically from here: https://quickbooks.intuit.com/learn-support/en-uk/reports-and-accounting/why-isn-t-mileage-expense-s...) but the advise to create it as an expense it's not really valid for me as I am not really paying an employee and neither I am deducting this money from my bank account. I only want £XXX to be reflect in my tax consideration for end of year due to my travel.

I have received separate advise from Quickbooks to record a VAT only/ 100% transaction (https://quickbooks.intuit.com/learn-support/en-uk/expense-accounting/vat-only-100-vat-transaction/00...) but it's not valid either as I am not VAT registered and that is a requirement when following the instructions.

Would anyone have an idea on how to actually go about this? I have searched on this forum and found a couple of queries with the same question and it seems there is no way to record this if you don't have an employee or are not VAT registered (which doesn't make sense). Certainly QB team can provide a workaround to this?

Thanks,

Erica

MaryLandT · ‎May 03, 2022

Hi there, erica.

You can still track mileage even if you don't have an employee in QuickBooks Online (QBO).

However, the mileage tracking in QBO is for recording purposes only. That's why it's not showing up on your accounts or reports.

You may consider checking out our QuickBooks Self-Employed version. It tracks mileage deductions when you categorise them as business trips. Just click this link for more details: https://www.gov.uk/register-for-self-assessment/self-employed.

Also, your trips are expenses in QuickBooks. You need to select a category that hits that part of the form. For more information on this can be found in this article: About SA103F Categories.

Additionally, you can use QuickBooks’ Self Assessment tax calculator to get a sense of how much tax you’ll need to pay this year.

Let me know if there's anything else you need. I'll be around to help you with tracking mileage in QuickBooks.

View solution in original post

MaryLandT · ‎May 03, 2022

Hi there, erica.

You can still track mileage even if you don't have an employee in QuickBooks Online (QBO).

However, the mileage tracking in QBO is for recording purposes only. That's why it's not showing up on your accounts or reports.

You may consider checking out our QuickBooks Self-Employed version. It tracks mileage deductions when you categorise them as business trips. Just click this link for more details: https://www.gov.uk/register-for-self-assessment/self-employed.

Also, your trips are expenses in QuickBooks. You need to select a category that hits that part of the form. For more information on this can be found in this article: About SA103F Categories.

Additionally, you can use QuickBooks’ Self Assessment tax calculator to get a sense of how much tax you’ll need to pay this year.

Let me know if there's anything else you need. I'll be around to help you with tracking mileage in QuickBooks.

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