MegaSack DRAW - This year's winner is user - rgwb
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Self employed and no longer on flat rate VAT scheme. Use my own car fro business now and then. I charge my company 40p per mile but how much of that can my company claim back from the VAT man? Is it car dependent or a standard rate - accountant on hols and I have return to finish!!
Thanks
cb - we don't claim VAT back on any mileage - I don't think you can.
hi there
as i recall, VAT is included in 12p per mile of the allowance.
so if you'd gone 50 miles, you'd claim:
50 x £0.40 = £20.00
Then, 50 x £0.12 to establish the VATable element (£6.00), divide this by 47 and multiply by 7 to calculate the VAT (£0.89).
So, the claim is £20.00, which is £19.11 net and £0.89 VAT.
I've also been told that a fuel receipt should be attached to the claim.
Hope this helps 🙂
Thanks guys