When it comes to reclaiming VAT on your fuel and petrol, there are various ways to do it. It’s important to handle the process with care; otherwise, you could face some severe penalties from HMRC for making false or inaccurate claims when trying to reclaim your motoring expenses.
How much VAT can you claim back on fuel?
VAT on fuel expenses varies depending on what type of vehicle you have and the mileage allowance. With that being said, here’s a break down:
You may be able to reclaim all the VAT back on new cars, so long as you can prove it’s used for business only. This includes those who operate as a taxi but can also include driving instructors and personal chauffeurs.
Hopefully, you found this quick guide useful, if you’re ever in need of further advice or are looking for software to help with reclaiming VAT on fuel, you know where to find us.