Jan 06, 2018 • 2 min read
Using your vehicle for business purposes? Veryfi now has a new app that will automatically record the distance of your trips so you can make the proper deductions come tax time. In fact, you could save an average of $8,800 per year using Veryfi.
Veryfi’s new Logbook Mileage Tracker is the safe, accurate, and simple solution to create business travel logs that follow IRS mileage standards in the U.S. and ATO requirements in Australia. It’s especially useful for small-business owners, self-employed entrepreneurs, and gig economy workers like Uber drivers.
2 ways of keeping vehicle records
The tax office in most countries allows for two ways of keeping a record of vehicle use for reimbursement:
1. A log of all eligible expenses (fuel, insurance, maintenance, etc.)
2. A log of miles or kilometers traveled for business and personal use with a special reimbursement rate attached to business trips. In the U.S., the IRS also provides a small allowance for trips involving charity, moving, or medical reasons.
Veryfi Logbook Mileage Tracker helps small businesses and self-employed entrepreneurs automatically log their vehicle use using the second method.
Standard mileage rates for USA, UK, Australia and Canada
By default, Veryfi Logbook Mileage Tracker will use the appropriate standard mileage rate for users in the U.S., UK, Australia, and Canada. The rates are established annually by each country’s taxation office. Here’s what to expect for the current tax year:
54.5 cents per mile of business travel
18 cents per mile for medical or moving purposes
14 cents per mile for charitable organizations
45 pence per mile of business travel in a car or van up to 10,000 miles
25 pence per mile of business travel in a car or van after 10,000 miles
24 pence per mile of business travel on a motorcycle
66 cents per kilometer of business travel up to 5,000km per vehicle
55 cents per kilometer of business travel up to 5,000km
49 cents per kilometer of business travel after 5,000km
For other countries, Veryfi Logbook Mileage Tracker allows a custom rate to be set and applied to all business-related trips. To configure a custom reimbursement rate, tap on “More” on the bottom navigation bar of the mobile app, then tap on “Reimbursement rate”.
Reimbursement rates set by employers
Some employers provide reimbursements for their employees who use their personal vehicles for business travel. In these cases, the employer’s rate dictates reimbursements rather than the country’s taxation office. Veryfi Logbook Mileage Tracker allows a custom rate to be set by tapping on “More” on the bottom navigation bar of the mobile app, then tapping on “Reimbursement rate”.
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