Business owners are always on the go; in fact, we rarely stop.
If you work for yourself, you probably rack up a lot of miles travelling to and from client meetings, networking events and other appointments.
Did you know that if you drive a car or a van you can claim a substantial tax deduction?
Yep, you heard us.
For every business-related journey, you're entitled to 45p per mile for your first 10,000 miles and 25p per mile after that. What's more, if you're carrying a business passenger, you can add an extra 5p per mile.
It sounds like a no-brainer, right?
But, many self-employed folks miss out on claiming back their mileage because it can be tricky to track.
Well, that's if you're still relying on spreadsheets and notepads.
A milage tracking app is a straightforward and effective way of keeping a note of your mileage. Some even automatically track your travel and calculate the tax deduction you're entitled.
By using an app, you can rest assured you're complying with HMRC and providing them with the correct, accurate details. You'll also save time punching in numbers and sweating over a calculator.
Today, we've rounded up some of the top apps on the market to track your mileage.
A popular choice among the self-employed, QuickBooks covers everything you need in a digital accounting package - bookkeeping, expenses, mileage, invoicing and more.
The software comes with its own app that automatically tracks your vehicle with GPS. It'll even detect when you're driving, so there's no need to remember to turn it on and off at the beginning and end of each trip.
Stand-out feature: QuickBooks allows you to compare the standard mileage allowance (which we outlined above) against actual-expenses deduction (a calculation of the actual costs incurred), and choose the one that grants you the largest tax deduction.
Price: From £8* per month.
Using a GPS tracker that fits into your car, Autotrip automatically tracks your business and personal mileage.
You then review your claims on a tablet, phone or computer and export the information into a PDF or Excel document.
Stand-out feature: If you're eco-conscious, Autotrip has the added feature of calculating your CO2 emissions.
Price: Free for the first 14 days. After this, from $6.99*.
This app is a cost-effective way of tracking and categorising your expenses. Available on both iPhone and Android, TripLog a flexible solution that you can tailor to suit your business.
You can easily categorise daily trips and name common locations to make mileage tracking a piece of cake. Meanwhile, you can also take photos of your receipts - travel-related or otherwise - so that everything is stored in one place when the time comes to fill out your tax return.
Stand-out feature: Your trips are organised in cards, which you can swiftly swipe through and review.
Price: Free for up to five personal vehicles. After this, from $2* per month.
MileIQ is praised for its user-friendliness.
The programme tracks every mile you do for personal and business reasons and then enables you to review accurate weekly reports that are stored in the cloud.
Its customisable dashboard means that you can alter MileIQ to fit around how you work and travel.
Stand-out feature: MileIQ unlimited is included with your company’s Microsoft 365 Business or Office 365 Business Premium subscription.
Price: Free for up to 40 drives per month. After this, $5.99* per month.
Would you like to know how technology can transform your business? Get in touch with a member of the Singularitee team today.
*All prices correct at time of publication.