In the course of your business, you may well be doing a lot of miles travelling from potential client to client. If you’re not recording them accurately and claiming all you’re entitled to, you could be missing out.
Currently, for the first 10,000 miles per year, the allowance is 45p per mile. This drops to 25p per mile after that in each tax year.
At the moment you may well just be sticking petrol receipts through the business. If you do a lot of miles, keep a mileage log and chances are you will be able to claim much more and reduce your tax bill.