Please help, lost all confidence

vivfry84 Registered Posts: 38 Dedicated contributor 🦉
I have been out of work (accountancy) for a little while but I have just landed a new job. The question and I apologise as these are rather simple questions/answers but I need to check.
1) can you claim fuel on a set of accounts (sole trader) even if you don't have a car/van on the accounts, you use your own transport but again this won't be going through the book.
2) for a limited company, what journal would you do to record staff loans from the company?
Again very simple questions but I have lots all confidence in my work.


  • Neillaw
    Neillaw Registered Posts: 307 Dedicated contributor 🦉
    Fuel Claim - As long as you don't have a vehicle in the accounts or claim capital allowances for one you can claim the HMRC mileage allowance. This would go through the sole traders capital account. (Cr capital acc - Dr P&L acc)

    Company loan - Staff loans are usually paid via bank or cash with the other side going to a debtors account, this would then be paid back via a wages deduction which will then get posted into this account as a credit.
  • Gem7321
    Gem7321 Registered Posts: 1,438 Beyond epic contributor 🧙‍♂️
    First of all, good luck in the new job.

    1. If there's no car/van then really should be on mileage basis, just equate the fuel costs to the number of miles and check that this is reasonable and advise them of record-keeping accordingly.

    2. Dr staff loans (balance sheet)
    Cr bank
  • vivfry84
    vivfry84 Registered Posts: 38 Dedicated contributor 🦉
    Thanks you
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