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VAT and Mileage

#1

Hi, Sorry I have been reviewing the other posts regarding this topic but when I put information into QF the figures do not seem to be different depending on whose advise I take; VAT on Approved Mileage Claims / Advisory Fuel Rate or the link that I have been provided with - or my spreadsheet!
Please, can you advise how i add the following into a purchase named Approved mileage (set up as advised by your post)?

If I travel 93 miles (0.45mile) in a car that has a HMRC rating of 0.14 mile.

Hope you can advise!
Many thanks
Barbara

#2

Hi Barbara,

I am not an accountant so please do check with an accountant - but the calculations from the thread you quoted would work out as:

Total Mileage Claimed 93 miles @ £0.45 per mile = £41.85 - 0%VAT

Advisory Fuel Rate Reduction 93 @ £0.14 per mile = (£13.02) - 0%VAT

Advisory Fuel Rate Input VAT to be Recovered = £10.85 - 20%VAT

Hope that helps?

#3

Continuing the discussion from VAT and Mileage:

Many thanks
Will play around how to add to QF
Best wishes
Barbara