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IliTmon's memo
Page 7
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E CUSTOMS and Excise Value Added, section has pointed out that while we wed last week the effect of 15 per cent T on operating costs, we had not :ed that VAT was reclaimable either nithly or quarterly.
is is correct, but, nevertheless, ators must take account of the VAT inditure as a continuous item of exliture which must be included in their age rate to protect their cash-flow.
five-vehicle fleet will consume Ind 5,000 gallons of dery in a 20-day iis will mean an outlay of £750 for ' from the date of purchase to the date of repayment. Repayment is unlikely to be sooner than six weeks after the purchase date.
Meantime, fuel stock will have been replenished by another 5000 gallons, incurring a further £750 VAT, thus meeting the operator's outlay of £1500 for the first two weeks of the second month and £750 for the second half of the second month.
Operators who purchase fuel on an agency or bunkering basis or for cash or credit directly from the pump are similarly affected.
Since transport and warehousing services are zero-rated, there is no reciprocal VAT payment to balance the outlay.