Contractors car leasing

[Clare@InTouch]

Clare,

Many years ago I had a company bike. Naturally it paid all the running costs. Can't remember what the regime was then I think it might have been 10%.

However, at that time it was possible to reclaim the VAT. Is this still possible?

My co owned all sorts of things in it's time. The ride on mower and Vintage tractor were two particular favourites of HMIT in one inspection.

You can reclaim some of the VAT, depending on how much business vs personal use there is. The HMRC guidance uses aircrafts and boats as examples, but it would apply equally to any company asset apart from those dealt with specifically under different rules (like cars).

Details are here: HM Revenue & Customs: Purchases for both business and private use: reclaiming VAT