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January 7, 2022
Question

Hi iam new to quick books and putting in all transactions up to date on my self employed but when I check taxes allowable it does not seem to have added my fuel costs etc. any ideas thanks?

  • January 7, 2022
  • 1 reply
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1 reply

JenoP
January 8, 2022

I'll share details to help with your question about fuel costs in QBSE, david-snee-yahoo.

 

Please know that QuickBooks Self-Employed uses the  simplified expense method (with flat rates) to calculate the allowable business expense for your car, van, or motorcycle. The rate is based on the mileage you drive:

 

  • Cars and goods vehicles: 0 - 10,000 miles - 45p
  • Cars and goods vehicles: After 10,000 miles - 25p
  • Motorcycles: 24p

 

Using this method, you can't claim vehicle insurance, repairs and servicing, or fuel costs, but you can claim all other travel expenses in addition to your simplified expense amount. This includes:

 

  • Parking
  • Hire charges
  • Vehicle license fees
  • Breakdown cover
  • Train, bus, air and taxi fares
  • Hotel rooms
  • Meals on overnight business trips

 

This is the reason why the transactions you added for costs aren't showing as allowable expenses. Check out this article for more details: About Car, Van, and Travel Expenses.

 

You might also want to discuss this with your accountant for additional advice on this matter. In the meantime, let me share these articles for extra references when working in the program:

 

 

Visit us again in the Community if you have any other questions. We're always here to offer our help again.