Expenses and receipts

[boddy09]

We are trading as a Ltd company from next week. I understand that fuel expenses are claimed back as mileage and we cannot claim the VAT back on fuel. Do we still need to keep the fuel receipts? Also am I right in assuming that expenses aren't taxable? Cheers

 

[Williams lester]

Are you talking about fuel expenses for a car or a company van?

 

[boddy09]

It will be fuel expenses for a non company car.

 

[Scalloway]

If I was doing your accounts I would look for an expenses sheet with the following

Employee name
Vehicle details

Date Reason for trip Miles Miles X 40p


Total

Actual mileage is the important thing, not what is spent on fuel.

 

[Williams lester]

Then claim the mileage. You can reclaim VAT on the mileage cost for the fuel element of the mileage charge (which depends on the type and size of vehicle). Fuel element rates are here http://www.hmrc.gov.uk/cars/advisory_fuel_current.htm

 

[boddy09]

Cheers Dave.