S94D ITTOIA 2005

From 2013-14 onwards, businesses may use a fixed rate per business mile to compute their vehicle expenses under the new simplified expenses rules. They can use this method of relief as an alternative to keeping detailed records of actual expenditure.

The fixed rate deduction covers expenditure in respect of the acquisition, ownership, hire, leasing or use of cars (except cars designed for commercial use, for example black cabs or dual control driving instructor cars), motor cycles or goods vehicles used for the purposes of the trade.

This method of computing vehicle expenses is entirely optional, whether the business is also using the cash basis or not.

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