Hi everyone! Very noob question here but I'm very confused about a milage expense.
I have recently gone freelance and had to drive to a job this whole week. The milage worked out to 292.8 miles total which as far as I know I can claim as an expense from my business account (I've setup a separate account so I'm not mixing money).
I had to fill my tank up with about £50 of petrol from my personal account, but the milage to get there and back only actually works out to £40.98 (sourced from the AA milage calculator).
I use Xero to handle my accounts, and now have no idea how much to add as an expense. After a bit of research online I've seen I should be working it out as 292.8 x 45p (taking this from gov.uk).
That then works out to £131.76. But that is way more than what I actually paid for the petrol...? Hence why I'm scratching my head now.
So my question(s) is/are; how much should I reimburse my personal account from my business, am I actually calculating this correctly?
Any help would be much appreciated!
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