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9th June 2010 Making Advice More Available. This is the first post of many and is designed to pass out some free advice that many people are not aware of, but can save them lots of money. Claiming VAT back on the mileage charge. Many people are claiming back the 40p from their companies, but are not aware that you can claim back an element of VAT. This is only available to claim dependant upon your cars engine size, but on a 1.5l petrol car this will be 15p out of the 40p, not a massive amount, but hey, every little helps. To find the fuel element for your car, consult the table on http://www.hmrc.gov.uk/cars/advisory_fuel_current.htm If you have done, say 1000 miles in a month, this would be a £400 expense claim. To calculate the VAT reclaim you calculate 1000 times 15p then use the VAT fraction 7/47 to get £22.34 VAT. One thing you have to do though is start asking for VAT receipts when you buy your petrol or diesel so you have enough receipts showing VAT on to cover your claim. |
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Are you a buy to let property owner? Budget summary for small businesses Don't fall for the 'No Tax Return Needed' Letter! |
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