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#1 06-07-10 09:18:36

mrbrightside
Verified Member
From: Doncaster, South Yorkshire
Registered: 07-05-07
Posts: 189

Re-claiming VAT

Just a quick question with regards to VAT

I'll be filling out my first full self assesment this year, which I think I will be ok with.

But I'm a little confused with regards to VAT. I keep all my VAT receipts for my petrol, and my question is this....

Am I able to claim back all the VAT paid on fuel??

Im sure this is a very easy question to answer, but Im getting conflicting answers from people in other businesses!

Thanks in advance


Part 1: Passed (11/9/07) 96/100 & 68/75
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06-07-10 09:18:36

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Re: Re-claiming VAT




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#2 06-07-10 09:21:41

KevB
Verified Member
From: Amesbury
Registered: 06-06-08
Posts: 1,725
Website

Re: Re-claiming VAT

Unless you are VAT registered, you cannot claim back VAT.

The Whole receipt amount is tax deductable as an expense.

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#3 06-07-10 09:33:27

mrbrightside
Verified Member
From: Doncaster, South Yorkshire
Registered: 07-05-07
Posts: 189

Re: Re-claiming VAT

And to be VAT registered you need to earn over a certain amount per year I believe?


Part 1: Passed (11/9/07) 96/100 & 68/75
Part 2: Passed (19/10/07) 3 Minors
Part 3: (2nd) Passed (27/11/08) 4/4
Check Test: Grade 5 (16/03/11)

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#4 06-07-10 11:26:34

collywobs
Verified Member
From: Tonbridge Kent
Registered: 07-08-06
Posts: 479
Website

Re: Re-claiming VAT

And to be VAT registered you need to earn over a certain amount per year I believe?

I think it's about £70k per year!!


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Grade 6 DSA Approved Driving Instructor (car)
www.colinkentish.co.uk

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#5 06-07-10 14:29:42

oz11
Member
Registered: 10-06-09
Posts: 50

Re: Re-claiming VAT

As I remember, it used to a ceiling (say 70k for the sake of argument) over which VAT registration would be compulsory, below that you could register if you wanted. From what I remember of my days trading as a limited company it's extra form filling for little gain.

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#6 06-07-10 15:10:43

hector
Verified Member
From: Manchester
Registered: 04-04-06
Posts: 2,097
Website

Re: Re-claiming VAT

It can be very beneficial for certain companies to register for VAT even if under the threshhold.


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#7 06-07-10 16:21:41

oz11
Member
Registered: 10-06-09
Posts: 50

Re: Re-claiming VAT

Yes I agree it can be beneficial, certainly the higher the turnover the more the VAT that would normally be reclaimable. I was just suggesting that the extra form-filling wouldn't be worth the extra hassle if your turnover is nearer the 15K-20K region.

And then you have the chance of a visit from the VATman...

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#8 06-07-10 17:08:00

hector
Verified Member
From: Manchester
Registered: 04-04-06
Posts: 2,097
Website

Re: Re-claiming VAT

Yes I agree it can be beneficial, certainly the higher the turnover the more the VAT that would normally be reclaimable. I was just suggesting that the extra form-filling wouldn't be worth the extra hassle if your turnover is nearer the 15K-20K region.

And then you have the chance of a visit from the VATman...

Definitely not, its easy to spend the VAT mans money! And forget your just a government tax collector (Unpaid)
Its very beneficial when dealing with other limited companies whatever your turnover.


EXCELSIOR TRAINING 
James Dawson Grade 6 ADI (Ordit Registered) Ba (Hons) Driver Education
ADI qualification/Check test training/Excelsior DSA Ordit/fleet courses
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#9 12-07-10 11:39:18

Colin Martin
Verified Member
From: Southsea
Registered: 21-01-05
Posts: 2,465
Website

Re: Re-claiming VAT

I believe you can register voluntarily even if you are under the threshold. However if you are making a profit then you will be collecting more VAT than you spend. This means lessons have to go up by the VAT amont or you cover the VAT in the current cost of lessons. So unless you could add it to lesson prices and maintain the same level of business it will mean you earn less.


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