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absolutegardenro
Level 1

I started a new limited company in November 2020. I have been using my personal vehicle for business use. Am I able to claim anything back on any scheme? 45p/mile??

 
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Best answer April 13, 2021

Accepted Solutions
ReymondO
QuickBooks Team

I started a new limited company in November 2020. I have been using my personal vehicle for business use. Am I able to claim anything back on any scheme? 45p/mile??

Good day, @absolutegardenro.

 

Thanks for posting your concern in QuickBooks Community. Let me answer this query for you. 

 

You can reclaim all the VAT on a car if you use it only for business. This must not be available for private use which includes traveling between home and work. Not unless you're using it in a temporary place of work.

 

However, you may be able to claim all the VAT on a new car if it’s mainly used:

 

  • as a taxi
  • for driving instruction
  • for self-drive hire

 

In case you lease a car, you can usually claim 50% of the VAT. You may be able to reclaim all the VAT if the car is used for business purposes only. 

 

For more details, you can check out this link: https://www.gov.uk/reclaim-vat/cars.

 

I've also included this article as an additional reference you use in handling VAT concerns in QuickBooks: VAT: Getting started.

 

Please know that our doors are always open to help you with any QuickBooks-related concerns. Take care and enjoy the day! 

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1 REPLY 1
ReymondO
QuickBooks Team

I started a new limited company in November 2020. I have been using my personal vehicle for business use. Am I able to claim anything back on any scheme? 45p/mile??

Good day, @absolutegardenro.

 

Thanks for posting your concern in QuickBooks Community. Let me answer this query for you. 

 

You can reclaim all the VAT on a car if you use it only for business. This must not be available for private use which includes traveling between home and work. Not unless you're using it in a temporary place of work.

 

However, you may be able to claim all the VAT on a new car if it’s mainly used:

 

  • as a taxi
  • for driving instruction
  • for self-drive hire

 

In case you lease a car, you can usually claim 50% of the VAT. You may be able to reclaim all the VAT if the car is used for business purposes only. 

 

For more details, you can check out this link: https://www.gov.uk/reclaim-vat/cars.

 

I've also included this article as an additional reference you use in handling VAT concerns in QuickBooks: VAT: Getting started.

 

Please know that our doors are always open to help you with any QuickBooks-related concerns. Take care and enjoy the day! 

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