cfoster

Have been contracting in the city for the last few weeks and am sorting out my accounts / expenses etc....

Can you claim VAT back on train tickets? My monthly ticket costs £245 and it has a VAT number at the bottom of the ticket but doesnt give you the gross / net amounts....

So can I claim the vat back off of it??!

Cheers
Chris

MAD EVO 4

yes you can bro but it under traveling expenses.

_SpeedX_

iTrader: (1)

should be able to keep recipts and submit them to ur umbrella company (if u use 1)


it should come under non billable expenses and be travelling.

_SpeedX_

iTrader: (1)

also u can claim subsidence the amount differs depending on how long ur at work and travelling.


i norm claim about 2k's worth of expenses a month lol

always saves me a bit of cash on the tax

cfoster

cheers chappies, i dont use an umbrella i do it all meself! So I can claim 17.5% vat back on that £245 train fare??

SpeedX - whats that subsidence thing about??

Chris

polly_x

iTrader: (2)

You can only claim the VAT back if your VAT registered Though????

Mr S1

iTrader: (2)

If it's 'out of pocket' expenses (which a train ticket IS) then you can claim the full amount back irrespective of whether there's a VAT number on there or not.

And whether you as a person are VAT registered is irrelevant.

cfoster

polly x - I am VAT registered yes. (have been for a few years).

Mr S1 - I think I understand! I'm just worried about putting the entry in incorrectly on my books! Would I put it in as £200, VAT of say £45 (or whatever the exact amount is) and a gross of £245? ie - do I include it when calculating VAT at the end of the quarter?

Cheers
Chris

Cola

ASMG Dude... it cuts out all this drama lol

Dan@Rapid-Ford

iTrader: (5)

Hi Chris,

It is 14.89% of the £245.00 which is the VAT element as you are back calculating.

I've got to go to work now, but can explain again better later if you want me to...

Thanks

Natalie

Damo V

call 08450 109 000 VAT Advise, dont £cuk about with them lol....

But as Natalie sa's above, the calculation for working back VAT content would be 245x(7/47) i.e VAT = £36.49

Mr S1

iTrader: (2)

If the ticket was £200 all in, that will be inclusive of VAT, therefore the net amount will be £170.21, but if you are going to put it through your own business you will need their VAT number for the taxman. Sorry, maybe I mis-read your original question. Either way out of pocket expenses are reclaimable in full.