Mileage - the most missed out expense in business. Why? Because it's a arduous task to remember to write down each and every journey.
I'll share with you my secret, because I always forget to track my miles. I use Mile IQ - an app that tracks your journeys on your phone.
I call it 'Tinder for travel expenses". Don;t worry, it doesn't set you up on a date, but it does have a super easy swipe left and right facility. Even better? It links with Xero.
Within the space of a hot cuppa, you can sit and classify your travel within minutes, swiping left for personal, and right for business travel. You can even tell the app what you were doing - whether visiting a client or going to a networking event.
But, isn't tracking a bit creepy?
I have to say at first I thought, I don't what to be tracked everywhere. But then I thought, well, why not? I often travel to meetings on my own so this technically acts as a great tracker should anything happen - ideal for a lone working risk assessment if you have one in place (see the Suzy Lamplugh Trust if you don't). Also, you can adjust the settings to only follow you on certain days and times - i.e. 8am - 6pm Monday to Friday. Brilliant.
Cost:
The great news is that you can get a free plan with 40 drives free, however I often ran out of 'drives' by the 20th of the month. It can also get confused if you are a passenger, or if you're on public transport but that's an easy fix.
The subscription is pretty reasonable at £4.49 a month or £44.99 a year
If you think about the cost of your time, energy and the claims you should be making, it's probably more than worth it.
Things to remember:
The current rate for mileage is 45p for the first 10,000 miles. After 10k the rate drops to 25p.
The rate is to cover wear and tear on your car as well as fuel
You cannot claim fuel, tax or repairs as well as mileage. Ask us about the most tax efficient method for you
You cannot claim for commuting to work.
If you'd like any advice about your travel or the apps, contact the team to discuss your requirements.