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Post Info TOPIC: VAT on Petrol Receipts
yellowsenska


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VAT on Petrol Receipts
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Hi,

I feel like this question is silly

Can we claim VAT on petrol receipts if we claimed at the same time the mileage relief ?

 

Thanks in advance

Kamilla



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MarkS


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Hi There

Yes you can but you can only claim based on the following link  http://www.hmrc.gov.uk/cars/advisory_fuel_current.htm

So basically if you have a car that is 1300cc petrol and you have done 8000 miles you can claim VAT of 

8000 x 14p x 1/6 = £186.67.

You would need to retain fuel receipts to ensure you have incurred at least that amount of VAT ie receipts worth £1120 (8000 x 14p).

The £186.67 would be deducted from the mileage you put through the accounts which if based on 45p per mile will be £3600 (8000 x 45p) so would show £3413.33 in the p&l (£3600-£186.67) rather than £3600 (gross).

Regards

Mark



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Mark Stewart CA

http://stewartaccounting.co.uk/

Providing accounting, bookkeeping, payroll and tax services to small and medium sized businesses across Central Scotland and beyond.
yellowsenska


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Date:
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Many Thanks Mark

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