VAT Refund on Fuel

callaway92

Hi all

Fairly certain from looking online that you can claim back on Diesel only, but can you definitely not reclaim VAT for Unleaded Petrol? (for Business use).

Just making sure - I always say no to a fuel receipt for that reason, but just want to make sure.

Thanks!

Stratvs

You cannot claim VAT on petrol for business use.

Separate to the VAT issue, one should still get & retain receipts as evidence that it was fuel that was purchased and not a few bottles of merlot 😉

callaway92

Thanks v much.

Ha, noted!

Citrus_8

Receipts is an old school way. Most businesses are now using fuel cards, getting invoiced and pay by DD.

Stratvs

https://www.boards.ie/discussion/comment/118423804#Comment_118423804

True for many and it makes life easier for everyone. But for those business who don't use fuel cards ( and believe me there are still a lot of those) then simply having a debit /credit card entry on the bank statement saying "Circle K Cork €50" or such isn't sufficient evidence that fuel only for business use was purchased hence need for receipt in those cases.

callaway92

Is there any benefit to keeping receipts as an Unleaded user? (visit prospect clients quite a bit)

Aame question for Fuel Card - In reality, what would be the benefit? Other than being able to keep track of monthly going outs etc.

Thanks

Stratvs

https://www.boards.ie/discussion/comment/118426398#Comment_118426398

As a business you are required to maintain sufficient & appropriate records both for preparation of year end financial statements and to satisfy Revenue in event of audit or other enquiry. Business records must be maintained for a period of 6 years.

Again, referring back to post #2 the records must be able to prove what was purchased if the expense is being claimed as a Tax or VAT deduction.

Fuel cards for frequent fuel users are a way of cutting down on paperwork & bank fees. Just think think if you use a debit card each time and fill up twice a week that's say 100 lines a year on bank statement to be analysed/inputted or otherwise put into whatever accounting system you use. Fuel card paid by monthly dd is now 12 entries. One monthly invoice by email instead of 8 receipts which invariably get lost or stuffed in the glovebox.

Citrus_8

https://www.boards.ie/discussion/comment/118426398#Comment_118426398

Much easier management for spendings, better control. During fills driver gives reg and mileage. Good for reporting for medium to large fleets. For small businesses less stress trying to get, calculate and store all of the receipts. Everything is accessible on the online account with all usage reports etc. And on top of that small discount for fuel or maybe even car wash, engine oil etc.

callaway92

https://www.boards.ie/discussion/comment/118427090#Comment_118427090

Thank you

Yeh I might see if it's something I could get as the benefits of having it make sense anyway and wouldn't be a hindrance in any way in fairness.

callaway92

https://www.boards.ie/discussion/comment/118426981#Comment_118426981

Thank you - This makes complete sense. Seems a no-brainer.

Citrus_8

https://www.boards.ie/discussion/comment/118427432#Comment_118427432

Drop an email to all fuel card providers to compare. Make sure they don't change admin fee, card replacement fee etc. Some providers change, some not. Main providers are DCI, Circle K, Applegreen, Morgan, Maxol... Maybe there are some smaller ones but these are the ones I could remember now. Make sure you compare their prices well. Eg., some of them give a good price in a few main sites only but all other sites would be the usual pump price. While other providers give one price for all garages nationwide. Some of them keep changing prices up and down significantly, some work with more stable pricing. So just look on the internet search their contacts and email each of them to see what you can get. If you want, you can drop me a message with your company's name and phone - I can arrange a call back from one of these providers. I don't work with it directly, but I know who does.

terrak

Have a dci card and say i top up 100 euro at pump they are charging me 123 gross and i claim the 23 back .surely this is wrong as im not saving anything and with 4 vans getting ripped off

you_talking_to_me

We also use DCI in our business. Sometimes the price charged can vary depending on where you’ve used the card, seems they get better rates in some of the mainstream garages and at their core sites.

Really important you keep an eye on the rate their charging on invoices too. They have a ‘habit’ of not informing clients of changes in rates and leave it up to you to notice it.

It states clearly on their invoices you only have 30 days to query bill or it’s deemed accepted. Made the mistake of not keeping an eye on it and we ended up paying substantially more than the forecourt rate for a period. As long as you monitor it their fine and it’s never difficult to find a garage close by that accepts DCI.

We find calling them regularly negotiating our rate can work to our benefit more often than not too!

Gant21

We have a few lads at work and they have fuel cards. You would swear it’s a golden ticket they have and as for savings I don’t see any as they do be taking about the costs per litre of fuel.