28 June 2011

Motor vehicle odometer records

To enable a claim for motor vehicle expenses in the 2011 tax year, you will need to record your vehicle/s odometer reading/s as at 30 June.

This applies to vehicles which have less than a 1 tonne carrying capacity and are owned by self-employed persons or by employees in their own right.  It does not apply to motor vehicles supplied by an employer (ie a company, trust, etc).

The recording of the odometer reading is in a specific format and, to assist with completion, we have prepared a proforma for your use.  We suggest that you record the relevant odometer readings for each vehicle and then forward the form with your other financial records when we are preparing your financial accounts and returns.

Please note that this information is also required from all clients on the acquisition and disposal of any motor vehicles.

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This Newsletter, of necessity, has dealt with matters of a technical nature in general terms only. Clients should contact us for detailed information on any of the items in the Newsletter. No responsibility for loss occasioned to any person acting or refraining from acting in reliance upon any material in this Newsletter can be accepted by any member or employee of the firm.

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