VAT Threshold rolling 12 months

[Stephen Blair]

I got £8k back, the Vat lady found another £1100 that we missed on the inspection, got it in the bank the next day. I was spending £25k plus vat aswell on kit, so the money back covered the chipper. That was the plan:001_cool:

[Steve Bullman]

out 90pence per litre for diesel- Claim back VAT and set against tax:biggrin:

 

sorry just to clarify, as im not sure i am reading this right.

 

you put the vat against your tax? ie if you had a receipt for £100 of fuel including vat, you put £100 down in your books?

[finchyo]

sorry just to clarify, as im not sure i am reading this right.

 

you put the vat against your tax? ie if you had a receipt for £100 of fuel including vat, you put £100 down in your books?

 

I think he means if he spent £100 on fuel, he would claim £20 VAT back then offset the rest, £80, as a business expenditure against the business income.

[John Russell]

I think he means if he spent £100 on fuel, he would claim £20 VAT back then offset the rest, £80, as a business expenditure against the business income.

 

If you spent £100 on fuel you wouldn't claim back £20 VAT; you'd claim back £16.66. The VAT fraction is 1/6.

 

To claim back £20 you'd to have to have spent £120.

 

Best wishes,

 

John Russell

[finchyo]

If you spent £100 on fuel you wouldn't claim back £20 VAT; you'd claim back £16.66. The VAT fraction is 1/6.

 

To claim back £20 you'd to have to have spent £120.

 

Best wishes,

 

John Russell

 

ah worse than i thought. can't wait till I'm vat registered lol

[evergreen]

Thanks guys for all your comments. Were all sorted now. Vat registration number arrived yesterday. Cheers Nick

[likeitorlumpit]

sorry just to clarify, as im not sure i am reading this right.

 

you put the vat against your tax? ie if you had a receipt for £100 of fuel including vat, you put £100 down in your books?

 

Sorry- haven't been following this recently

 

£120 on fuel spent

Now since 4 jan £20 is VAT= claimed back from vat man

£100 is allowable against tax @ say 23% or 40% depending on how rich you are

So £23 or £40 claimed back

£120 of fuel costs you £77 or £60 compared to someone buying it privately

Good innit

[Steve Bullman]

Sorry- haven't been following this recently

 

£120 on fuel spent

Now since 4 jan £20 is VAT= claimed back from vat man

£100 is allowable against tax @ say 23% or 40% depending on how rich you are

So £23 or £40 claimed back

£120 of fuel costs you £77 or £60 compared to someone buying it privately

Good innit

 

yep i know how it works, but i read your post the wrong way and was wondering if you did

[likeitorlumpit]

I'd like to but my other half is a bit more clued up and sensible etc:001_rolleyes:

[Steve Bullman]

wish mine was:biggrin: