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Dave says: 20 January 2017 at 9:35 I've changed cars during the tax year, how should I handle my travel allowance calculations and log book? 1) How would I should I go about maintain my log book? should I keep a different one for each vehicle. 2) I have also leased a vehicle whilst waiting for my new vehicle, how should this be recorded? 3) How should I cater for my new Vehicle in my tax return if the new vehicle cost is greater than my old vehicle? |
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TaxTim says: 20 January 2017 at 11:22 You are able to claim for all 3 cars you used. You need to account for the kms you traveled on all three cars individually in one log book. This will mean that you will start the logbook with your first vehicle then on your last trip traveled with that car close off the kms by stating total business and private kms. On your tax return you will state that you used 3 vehicles and mention each of them individually again. The rental car you still capture the opening and closing kms when you had the car and the cost price but then state your actual expenses you incurred at the bottom of the travel section such as lease payments, fuel expense etc. |
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