When putting through mileage logs for a company vehicle is there a set amount from the miles clocked up that can be put through to reclaim the VAT? i.e. 42p per mile or 45p per mile?
So, if for example you have a 1400cc petrol vehicle the apportionment of the 40p/25p mileage attributable to petrol would be 12p per mile.
To calculate the VAT inherent in the 12p that would be 12p*7/47 which would be 0.01787234 per mile.
basically, it all depends on the type of fuel and CC of the engine.
To claim the VAT you need VAT receipts for the petrol that at least cover the amount that you are claiming via the mileage log.
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Shaun
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