Did you know that as a self-employed person you can claim for motor costs that relate to your business travel? There are two ways to do this:- 🚙 SIMPLIFIED VEHICLE EXPENSES or 🚙 ACTUAL VEHICLE COSTS. Claiming mileage through the actual vehicle costs method means you’ll have deductions for every penny you’ve spent on business mileage for the year. For this, you need to keep all receipts of your business travel spending. Vehicle costs you can claim include: • Fuel • Insurance • Car maintenance & servicing • Breakdown cover • Licence fees • Parking If your vehicle expenses are high due to, say, expensive insurance or road tax, this method might prove beneficial. But it can be a time-consuming way of preparing for your annual tax claims. The other way - the simplified expenses method - is great to avoid lengthy calculations and receipt collection. In this way, you use a flat rate set by HMRC to calculate your mileage allowance claim. The flat rate covers all vehicle costs for you...