The Truth About Milage Allowance
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Society
Oct 12, 2007
IlluminaryMarketer
The Truth About Milage Allowance
Many people take their vehicle back and forth to work each day. A percentage of those individuals have to take it a step further and drive their cars and trucks as part of their jobs. If your employer doesn't supply a vehicle for you and you have to drive your own to sales calls, meetings or seminars, you are allowed to claim a mileage allowance. Although this may seem like not much, it's incredibly helpful considering the price of gasoline these days. Every employer has a different approach when it comes to deciding who qualifies for this benefit. All employees who want to claim a mileage allowance typically need to provide certain things to their employer before the allowance is granted. One is a copy of their driving record and the other is proof that they have insurance on the vehicle. These are things that the employee should have ready for viewing if asked. In almost every case, the employee will need to track their mileage, or at the very least, the mileage that they are claiming for the allowance. This can be done in one of several ways but one of the easiest methods is to jot down the mileage before they leave the office until they return from their business outing. Then this information can be inputted into a mileage tracking software program. Some companies will supply their own version of software which is then submitted directly to the expense department for easy viewing and calculation of the applicable mileage allowance. The government does have a limit imposed as to how much an employer can reimburse their employees for in terms of a mileage allowance. The limit does increase depending on how much the employee is expected to use their vehicle. It's a good idea to have a clear indication of what the allowance you will receive will be when you begin your employ. Some naive individuals typically believe they can beat the system and try and claim mileage that is related to personal use. Most companies aren't keen on the idea of paying out more than they need to and any sharp eyed accountant is likely to notice it pretty quickly. Obviously the consequences are not good. If you do think you can get away with this, you seriously need to think twice. Take into consideration the few extra dollars you might reap by exaggerating your mileage allowance expenses and the larger amount you would lose should you get caught. It's obviously not worth the risk. If you stick to the rules, you'll always come out on top.
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