Tax Rebates & Refunds

Tax rebates on business mileage

May 19, 2011
Posted in Tax Rebates — Written by Geoffrey

People are normally too busy to file for their tax returns. The thought of this long process prevents them from filing for their tax returns. A tax rebate is the money which has been paid by you to the tax governing authorities. Either you have paid more tax, or the tax paid by you is in excess of the actual amount. Tax rebates can be helpful since it is your hard earned money you are claiming for.

People are usually unaware of the laws and rules which are applicable to tax rebates. Many people do not even have the knowledge about the fact that tax rebates are something which can benefit them. Many people worldwide use cars for transportation, but very few of them actually are aware of the possible tax rebate on their mileage.

Tax returns on business mileage/petrol

Tax returns on your business mileage depend upon the situation. There is the possibility that you may get a tax rebate on your own vehicle. If you are using your employer’s vehicle, or a third party vehicle, you might not get a tax return. If you are self employed, you can include your figures in your accounts and there is the possibility you might get a refund on the mileage used.

Calculating tax refund on mileage/petrol

The tax rebate is calculated on 40 pence for the first 10,000 miles and then 25 pence on any miles after 1,000 miles. You must deduct any type of compensation you receive from your employer.

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