I was wondering if anyone could tell me how to record the allowable mileage expense of up to 10,000 miles in sage 50 accounts please?
Hi - mileage is claimable at 45p per mile for first 10,000 miles then 25p per mile thereafter.
I post it as an expense to 7400 (travel) - this can be paid or offset against a directors account.
if you are a vat registed company you can also claim some vat back. Have a look on line for instructions as it depends on size of vechile. If you need help on this let me know.
Have a look at www.rac.co.uk/business/news-advice/claiming-vat-on-mileage
There are more guidlines on HMRC site.