Hello, I was wandering if somebody could please clarify the procedure for mileage. I have just started a Companies accounts and I am preparing to do the Vat return but few things have confused me lately as follows:
I know that the directors can claim 45p for the first 10,000 miles then 25p there after so would x amount be cr directors loan dr travel expenses then cr bank dr the directors account (which is set up as a supplier)
Then for vat purposes can the whole 20% of the vat charged for fuel still be claimed?
And finally where does the fuel element come into it?
I may be confusing myself and reading into this too much but just can't seem to fun a solid answer.
Many thanks
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