May 22, 2023
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Accounting for VAT on fuel private usage
HMRC publish annually the scale rates to be used to account for VAT where VAT is reclaimed in full on fuel but there is a private element to the motoring costs.
The rates to be used from 1 May 2023 were released on 21 April 2023 and the link is shown below.
The VAT amount is determined by the CO2 banding of the vehicle. So for a vehicle with 150g emissions, the amount to pay back is 61.33 per quarter.
Is claiming VAT on fuel worthwhile? You cannot pick and choose which vehicles it applies to.
We can run the figures for you to help you decide, please call us today.
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