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Dear members
I am currently self-employed in my main occupation as a sole proprietor, running a business where I use my private car for work-related travel. I have kept an Excel document for all business travel, including the correct amount for the mileage allowance.
My specific question is therefore as follows:
Where should I enter this? I was about to enter this in a category I created called ‘mileage allowance’ under ‘passenger car costs’.
What is the best way to enter this? Should I enter it as an expense and mark it as ‘paid’ so that it is deducted from my personal income tax?
Is this okay from a tax perspective?
Thanks in advance, everyone!