Taxi Driver Online

If the vehicle is leased or Contract Hired, can you claim back 100% of the VAT. In my current business (not PH) i can only reclaim 50% as it's used also for personal use.

I have spoken to the VAT office but they're a bit vague - nothing new there then!

Some lads in our manor have the leased cars from Patons, Cab Direct, The Taxi Centre and they can claim a percentage of their payments back each year in Tax.

You should have no bother claiming all 100% Newbie.

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A member of the Hire or Reward Industry

Thanks chaps

i think its the same as any car you use for business. you can claim back 100% of fuel, VAT, interest on HP, depreciation, and repairs and other running costs provided the vehicle in only used for business 100% of the time.
once you start doing personal mileage then you will probably find that what you can claim comes down in relation to the mileage. have a word with your accountant and he/she will advise you on how to work it out.

If you ask the VAT office they will gove you tables how to calculate your VATable allowances.

just re read this. Though I expect newbie is long gone.

You can't reclaim the VAT unless unless of course you charge the VAT.

The VAT is of course a legimate cost that goes against your profit margin, but you couldn't reclaim VAT unless you actually charge.

I think.

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A member of the Hire or Reward Industry

I think I saw him have a peep the other day.

Alex

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not quite
to claim vat you must be vat registered but must charge vat on vatable outputs

but if you sell non vat items like tampax????????????????????????
you can still claim vat on the expences arising.

With regards to VAT on vehicles, the way i understand this, as i had to take my accounts girl down to a seminar, is as follows, Taxi's and private hire vehicles are the only ones you claim VAT back on, be they purchase, lease or rental, unless they are vans. You volanterially pay the standard rate back to the VAT at a minimum rate for private use. Where does this 50% c**p come from, either this guy has not a clue how to run a business, which I susspect, or the VAT inspection officer has it wrong, in which case tell the ba****D to F**k off this is your livleyhood for god's sake.

Need to look at this yourself as it would appear there are an awful lot of accountants around who have not got a clue, quite frankly, further to this the inspectors at the VAT office are none the wiser either.

Same result they just keep taking and we just keep giving.

Well at the moment there is no vat on taxi fairs, so how can the vatman come along and say that you have to pay it???? thats if your on a nice earner ( over the freshold) . It seems that the whole vat thing is bucked up, small 1 man comanys, like mine cannot claim any of it back as we dont earn enough like last year I payed £3600 for diesel £630 of that was vat That £630 should have been in my pocket not the vatmans.
Tell him to buck off with a capital F

If you were VAT registered then your fares would included VAT, so be thankful you aren't

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Taxi Driver Online
www.taxi-driver.co.uk

well for what its worth Im VAT registered and it is an absolute pain in the arse.

VAT is inclusive in taxi fares

regards

captain cab

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Think of how stupid the average person is, and realize half of them are stupider than that.
George Carlin

So should we be giving VAT receipts.

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IDFIMH