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simonm
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On flat rait scheme no you can't claim the vat on fuel or consumables and I believe on hired in equipment only on capital expenditure like vehicle and machinery, not sure how it's an advantage to most of us but my accountant said definitely not worth for me after running my books for the past few years, better of on normal scheme especially since a good 75% of my turnover is comersial or private comersial so making very little difference to them.

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Can you claim vat back on fuel on the scheme? Can you explain it for dummies please Al!:)

 

 

No you can't Steve.

If your turnover is between certain amounts then you can apply to go on the flat rate scheme. You charge out at 20% as normal but only pay the vat man 10.5%.

 

You don't need to keep receipts or add them up as the 7.5% difference is for your your purchases.

 

If you buy an asset that cost £2000 or more including the vat, you can claim the vat back.

If you buy a few assets that total £2000 Inc vat you can claim back as well.

If you sell an asset you have to declare the vat.

 

I can't dummie it down anymore than that!😂😂

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No you can't Steve.

If your turnover is between certain amounts then you can apply to go on the flat rate scheme. You charge out at 20% as normal but only pay the vat man 10.5%.

 

You don't need to keep receipts or add them up as the 7.5% difference is for your your purchases.

 

If you buy an asset that cost £2000 or more including the vat, you can claim the vat back.

If you buy a few assets that total £2000 Inc vat you can claim back as well.

If you sell an asset you have to declare the vat.

 

I can't dummie it down anymore than that!😂😂

 

 

could you claim the vat if you bough £2k worth of fuel in 1, go ??

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No, as Al said, capital purchases only. Fuel will never be a capital purchase no matter how much you buy.

 

I'm on the flat rate scheme and it works very nicely for me, I'm consistently better off financially. It's pretty easy to compare, next time you do a vat return divide your sales vat by 2, and if that's more than you reclaimed in purchase vat you would have been better off on the flat rate scheme.

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