As an owner driver can you offset the VAT for the fuel you buy??
Sorry if this question has been asked before
Also are there any other VAT benefits that are worth mentioning??
Cheers Mark
As an owner driver can you offset the VAT for the fuel you buy??
Sorry if this question has been asked before
Also are there any other VAT benefits that are worth mentioning??
Cheers Mark
Yes, you can claim VAT back on anything you buy for the business, vehicles, fuel, tyres, spares and servicing, office stationary, parking and food purchases away from home. If you run the business from an office at home a portion of the VAT on electric and heating cost can also be claimed.
Thanks Big Joe - So its everything connected with the business
I guess that if you can claim the VAT for fuel some or most owners must get a tax refund just about every year due to the price of fuel and the volume that we use?
m4rky:
Thanks Big Joe - So its everything connected with the businessI guess that if you can claim the VAT for fuel some or most owners must get a tax refund just about every year due to the price of fuel and the volume that we use?
You can send your VAT returns in monthly or quarterly. If your VAT registered you also have to charge VAT on your services, and if your making a profit and have more money coming in than you spend, you end up paying the VAT man
m4rky:
I guess that if you can claim the VAT for fuel some or most owners must get a tax refund just about every year due to the price of fuel and the volume that we use?
Not really cos you have to charge VAT on your invoices to your customers and as long as you’re making a profit there will be more VAT to pay to the revenue from those than you are claiming back on your fuel and other expenses.
Paul
Big Joe:
m4rky:
Thanks Big Joe - So its everything connected with the businessI guess that if you can claim the VAT for fuel some or most owners must get a tax refund just about every year due to the price of fuel and the volume that we use?
You can send your VAT returns in monthly or quarterly. If your VAT registered you also have to charge VAT on your services, and if your making a profit and have more money coming in than you spend, you end up paying the VAT man
repton:
m4rky:
I guess that if you can claim the VAT for fuel some or most owners must get a tax refund just about every year due to the price of fuel and the volume that we use?Not really cos you have to charge VAT on your invoices to your customers and as long as you’re making a profit there will be more VAT to pay to the revenue from those than you are claiming back on your fuel and other expenses.
Paul
Cheers for the advice I’ve got a better understanding of that now