Join BKN

Join BKN
Join BKN

Bookkeeping Hall of Fame

Join BKN

Post Info TOPIC: Claiming VAT on Mileage


Veteran Member

Status: Offline
Posts: 53
Date:
Claiming VAT on Mileage


Hi, I've been told that I can claim VAT on mileage claims if I have VAT receipts for fuel (as long as the receipt is dated at the time of the journey claimed for).

How do I practically deal with this on my accounts system? Is it as simple as attributing VAT on the mileage when I input the claim, so for example if I enter a claim for 50 miles at 40p = 20.00 do I input net 16.67 + vat 3.33? Or is it more complicated?

Thanks for reading!



__________________


Expert

Status: Offline
Posts: 1594
Date:

Not all of the 40p relates to fuel. The 40p (and since 5th April 2011 it has gone up to 45p) covers all the expenses relating to the vehicle. See this page to find out the amount that relates to fuel (and the amount you calculate the VAT on) http://www.hmrc.gov.uk/cars/advisory_fuel_current.htm



__________________

Never buy black socks from a normal shop. They shaft you every time.

http://www.smbps.co.uk/

gbm


Guru

Status: Offline
Posts: 896
Date:

Hi You can only claim VAT on the fuel element, not the full claim amount, and also the 40p you mention has now increased from the start of this tax year to 45p. The fuel element is in respect of the engine size, see here:

http://www.hmrc.gov.uk/cars/advisory_fuel_current.htm



__________________

Regards,
Nick

Website: www.gbmaccounts.co.uk
Twitter

Factsheet | Starting a Business

Page 1 of 1  sorted by
 
Quick Reply

Please log in to post quick replies.

Tweet this page Post to Digg Post to Del.icio.us
Members Login
Username 
 
Password 
    Remember Me  

BKN Special Offers

 

Resources

Careers & Qualifications  Start Up Essentials  Marketing Centre   Software Reviews
What is a book-keeper  Register as Self-Employed Networking  Software Blog
 Home Study Courses  Money Laundering Local Accountants  
 Qualifications/ Associations  Data Protection Direct Marketing  
 Franchises  Registering as an agent  Telemarketing  
 College / Night School  PI Insurance  Directories  
 Recruitment  Stationery  Google  
     Twitter  
     Volunteer Work  

 

 

 

 

 
 

 
   

 

Copy Right Bookcert Limited