Value Added Tax
|
From |
1 April
2007 |
1 April
2006 |
|
Standard rate |
17.5% |
17.5% |
|
VAT fraction |
7/47 |
7/47 |
|
Taxable Turnover Limits |
|
Registration - last 12
months or next 30 days over |
£64,000 |
£61,000 |
|
Deregistration - next 12
months under |
£62,000 |
£59,000 |
|
Cash accounting scheme -
up to |
£1,350,000 |
£660,000 |
|
Optional flat rate scheme
- up to |
£150,000 |
£150,000 |
|
Annual accounting scheme
- up to |
£1,350,000 |
£1,350,000 |
|
VAT on fuel for private use in cars
Where businesses buy fuel which has some degree of private use, they must
account for output VAT on a scale charge. This is based on the CO2
emissions (rounded down to the next multiple of 5). The VAT chargeable for
quarters commencing after 1 May 2007 is as follows:
CO2
in g/km |
VAT
on charge |
CO2
in g/km |
VAT
on charge |
CO2
in g/km |
VAT
on charge |
|
Up to 140 |
£27.11 |
175 |
£39.91 |
210 |
£52.57 |
|
145 |
£29.04 |
180 |
£41.70 |
215 |
£54.36 |
|
150 |
£30.83 |
185 |
£43.49 |
220 |
£56.30 |
|
155 |
£32.62 |
190 |
£45.28 |
225 |
£58.09 |
|
160 |
£34.40 |
195 |
£47.21 |
230 |
£59.87 |
|
165 |
£36.19 |
200 |
£49.00 |
235 |
£61.66 |
|
170 |
£38.13 |
205 |
£50.79 |
240 and over |
£63.45 |
|
|
