Forum

Replies

• 

  Lawncare-4u.co.uk April 20, 2014 at 6:15pm

  ? claim the £300 a month and any associated costs from your accounts..?
• PRO

  mark thomas April 20, 2014 at 9:55pm

  Cheers guys thanks....
• 

  Lawncare-4u.co.uk April 21, 2014 at 9:59pm

  Not as im aware - a cost / overhead is a cost .... i don't knock of the vat on my £5k fuel before i offset costs ! or of any other receipts ! do you?
  
  Gary Smith said:

  If you use it 100% for your business then you can claim 100%, if it's business/private then you need to work out what % is business use and what is private and claim the business %.
  If you aren't vat registered I dont think you can set the vat against your tax? If the van was say £240 a month, £200 + vat, I think you can only claim the £200.
• 

  John Baker April 22, 2014 at 12:30am

  You cannot claim the VAT back if you are not vat registered, but you can include the total including vat (less % for personal use if applicable) as an expense and therefore reduce your taxable income.
  
  Gary Smith said:

  As far as I'm aware if you buy a commercial vehicle and aren't registered for vat you can't claim the vat back, if you lease the vehicle I have a feeling that the same applies, you can claim back the monthly lease fee but not the vat.
  
  If you are vat registered you can claim back the vat on your 5K of fuel, if you aren't you can't.
  
  Gardens4u.co.uk said:

  Not as im aware - a cost / overhead is a cost .... i don't knock of the vat on my £5k fuel before i offset costs ! or of any other receipts ! do you?
  
  Gary Smith said:

  If you use it 100% for your business then you can claim 100%, if it's business/private then you need to work out what % is business use and what is private and claim the business %.
  If you aren't vat registered I dont think you can set the vat against your tax? If the van was say £240 a month, £200 + vat, I think you can only claim the £200.
• 

  Lawncare-4u.co.uk April 22, 2014 at 12:38am

  correct - u can never claim vat back if not registered.

  but can knock off any business costs against income.
  if its a business vehicle and charged v.a.t as opposed to a private type (where personal mileage/ use would be disallowed not as a business costs), but a van is solely for business ,not private. so all costs can be claimed for.

  vat is a totally separate thing if registered and turn over £60,000 you have to register by law.
• PRO

  Gary RK April 22, 2014 at 5:49am

  Mark,would agree - refer to your Accountant to understand how leasing is accounted for above/below your bottom line.

  The attached is a good guide, but the Capital Allowance has been changed since we had this for one of our vans, but believe the principles are still the same.
• 

  Kieran Ray April 22, 2014 at 12:25pm

  Rob the vat threshold is a lot higher than that now. I believe it is 81k what my accountant was saying the other day.
• PRO

  Nick @ NM Garden Services Ltd April 22, 2014 at 12:52pm

  
  £81k is the current threshold for VAT
  
  http://www.hmrc.gov.uk/vat/start/register/when-to-register.htm
  
  Kieran Ray said:

  Rob the vat threshold is a lot higher than that now. I believe it is 81k what my accountant was saying the other day.
• 

  Lawncare-4u.co.uk April 23, 2014 at 1:44am

  ok :)
  
  Kieran Ray said:

  Rob the vat threshold is a lot higher than that now. I believe it is 81k what my accountant was saying the other day.