vat

UK PROFESSIONAL DRIVERS FORUMS OWNER AND FLEET OPERATORS FORUM (INTERACTIVE)
1

hi can anyone tell me is it worth being vat regesterd for fuel and to claim back 4000 on lorry purchase

2

Assuming if all - or most - of your work is invoiced then yes…, a simple application and online submissions/returns each period

3

the mandatory VAT registration is about £90,000 (sales) per year but you may elect to register at any level of sales

4

yes 95% of it will be invoiced can we claim back 20% on fuel as well

5

fat liar:
yes 95% of it will be invoiced can we claim back 20% on fuel as well

You charge the VAT on the invoices and take back whatever VAT you spend (be it fuel, repairs,tyres,etc) and send HMRC the diference

so…

Invoice £10,000 per month and you add £2,000 vat to the invoices and get paid…

you spend £2000 plus £400 vat = £2400 but you send HMRC £1600

Please ask your accountant though

6

thankyou so i will be getting vat done as well you have been a great help many thanks from big lar

7

I have a VAT registered business.

In the simplest terms, you become a tax collector for them, offset what you owe them against what you claim and send them the difference. You only have to show that your trading to register voluntarily when you hit a sales turnover of whatever it is now, £380k? it becomes mandatory.

You have to submit VAT returns every Quarter electronically, fail to do this you get a fine. VAT is really for business to business sales and yes, you make more profit. Keep good accounts MONTHLY and don’t trust your Accountant - YOU sign the declaration as a Director, not them, so if they screw up = you’re in court, just watch the books yourself! Not much use for Bean counters myself as I have some financial training, so I do my own books.

8

Caerleon:
I have a VAT registered business.

In the simplest terms, you become a tax collector for them, offset what you owe them against what you claim and send them the difference. You only have to show that your trading to register voluntarily when you hit a sales turnover of whatever it is now, £380k? it becomes mandatory.

I assume 380 is a mis-type :laughing: Threshold is £85,000. There is a simplified flat rate scheme that, I think, goes up to £150,000(?). Don’t know if that would be suitable for a transport firm anyway.

9

manski:

Caerleon:
I have a VAT registered business.

In the simplest terms, you become a tax collector for them, offset what you owe them against what you claim and send them the difference. You only have to show that your trading to register voluntarily when you hit a sales turnover of whatever it is now, £380k? it becomes mandatory.

I assume 380 is a mis-type :laughing: Threshold is £85,000. There is a simplified flat rate scheme that, I think, goes up to £150,000(?). Don’t know if that would be suitable for a transport firm anyway.

Also, you may only - i think - include invoices that have been paid rather than any issued in a VAT quarter which saves paying out before it comes in…

rental VAT for truck/trailers you get back and vat on your guard dogs Bonio, tyres, mobile phones… business trips to Auz…

10

fat liar:
hi can anyone tell me is it worth being vat regesterd for fuel and to claim back 4000 on lorry purchase

Of course you need to be registered for VAT,
Fuel/trucks/trailers etc are expensive enough WITHOUT not being able to claim back the VAT!!!