my husband has been vat registered for about 18 months now. I have been doing his vat returns and obviously want to reduce his vat bill as much as possible..
with regards to petrol , we have never claimed the vat back. Mainly because I wasn't sure we could and I'm not sure the percentage but also we don't have all his receipts.. He spends on average £20.00 per day on fuel to London plus conjestion charge and he normally pays by card... is there anything else I can claim the vat back on as well. We claim it back on his materials he buys.. but what about his van insurance etc ( clutching at straws I know) lol..
Also with regards his tax return, does the conjestion charge and/or penalty charges incurred count as a business expense if he was on his way to or from a job?
Lets start with the petrol how much vat you claim will depends if the vehicle is being used solely for the business or if there is a private element if it is only used solely for the business then you can claim all the vat if used for both then only a % can be claimed you will need to work that out
congestion charge you can put this as business expense
penalty charge you can not claim this as business expense if you pay this from the business then you will have to show it as drawings
van insurance there is no vat on this so no clam
If you do not have all the receipt then I would go over the bank statements and find all card payments relating to petrol and work out how much vat you have not claim for then come back and ask a vat expert how you can claim it all back as you have sent most of your vat returns in
-- Edited by nautica on Thursday 9th of January 2014 09:12:43 PM
