Join BKN

Join BKN
Join BKN

Ideal Schools

Join BKN

Post Info TOPIC: Vat on Fuel


Veteran Member

Status: Offline
Posts: 77
Date:
Vat on Fuel
 


Can i claim Vat on mileage expenses ie. an expense claim form 600 mile at 45p , if so was the calcualtion on this please ? 



__________________


Senior Member

Status: Offline
Posts: 260
Date:
 

Yes, you can reclaim VAT on mileage.  The VAT element of the mileage claim is based on the company car fuel rates

The calculation will depend on the engine size of the car and the type of fuel that it uses.  If, for example, you have a petrol car with an engine under 1,400cc, the current fuel rate is 15p/mile.  Of the 45p/mile claim, 15p/mile is for fuel (the rest is for running costs and depreciation) and so VAT of 2.5p/mile can be reclaimed (15p x 1/6).  However, in order to reclaim this amount, you need to have fuel receipts that show at least this much VAT being incurred.



__________________

Pearce & Co - Chartered Accountant and Chartered Tax Adviser 

www.pearceandcoaccountants.co.uk

These comments are outline only and are not a substitute for specific professional advice.



Veteran Member

Status: Offline
Posts: 77
Date:
 

Thank you very much, very helpful. As i was getting a little confused. biggrin



__________________
Page 1 of 1  sorted by
 
Quick Reply

Please log in to post quick replies.

Post to Facebook 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