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After a year of waiting the cheque has finally arrived for my private car mileage allowance from HM revenue.
I am a little confused with the final amount and how it was calculated so was wondering if anyone could shed some light on this.
The rough figures are 4000 business miles covered at 15p per mile by my company (this includes daily communte deduction). I understood that you could claim the additional 25p per mile (making up the tax free up to 10k figure 40p pm figure) back from the inland revenue. So I was expecting around £1000 back and indeed this was the figure entered on the P87 form. The figure I received today was less than half that, can anyone shed any light on this? Today I will be doing the last tax years form In which I have gone over the 10000 miles quite easily so was expecting around £2.5k as a rebate. I have no idea what I should expect.
The balance of 40p - 15p per mile = 25p per mile only reduces your taxable income by that amount! So 4000 miles @ 25p = £1,000 reduction on your taxable income.
If your tax rate is 20% you will get £200 rebate; if tax rate is 40% you will get £400 rebate.
Car Fuel Tax relief
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