I have a limited company that has just recently been registered for VAT.
I am a director, but using my own vehicle for company business and claiming mileage back from the company at 45ppm (will be on 25ppm shortly as doing 4k a month). I understand that the company can claim the VAT element of this using the approved rate etc. and I have no isues with how to undertake this thanks to the examples found on here in the forum.
Currently I am submitting the fuel receipts that I pay for out of my own pocket which the company retain to show that sufficient VAT has been paid during the claim period for the mileage. All good so far.
However, I want to start using a fuel card and I have the option to get one either as an indicidual or as a company, with the main advantage for me being a weekly invoice with all of the fuel purchases inc.VAT on it and not having to worry about losing receipts etc.
If I take the fuel card in my name, is the company still allowed to use the invoice of proof that enough VAT has been paid on the fuel being claimed in the claim period?
Is there anyway to take it in the company’s name instead, and write the cost of fuel each month off against the DRL account for instance, as it isn’t an expense the company should be paying (I hope this part of the question makes sense)?
I am probably over complicating it so hopefully someone here who has been in the same boat can chip in.
I do have an accountant but I have been on so much to them the last few days I am trying to give them a break (at least until the morning lol).