Hi,
My first post, so please be gentle
I use Xero to maintain my accounts and, until I went over the 10,000 mile limit, used to pay myself 45p per mile.
I split this into two parts to make things easier, specifically 33p as the non-VAT part and 12p as the VAT part, which my accountant agreed with.
Now I've gone over the 10,000 mile threshold, I will claim 25p, but I can't seem to find anyone who can tell me how I should now split that amount into a corresponding non-VAT and VAT part. Could someone help, please?
As an aside, I appreciate I can actually pay myself whatever I want for mileage, but pay income tax on anything over 45p, but is there any loss/gain in continuing to pay myself 45p/mile and just pay the income tax on it?
Thanks.
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