Value Added Tax
| From |
1 April 2008 |
1 April 2007 |
| Standard rate |
17.5% |
17.5% |
| VAT fraction |
7/47 |
7/47 |
| Taxable Turnover Limits |
| Registration - last 12 months or next 30 days over |
£67,000 |
£64,000 |
| Deregistration - next 12 months under |
£65,000 |
£62,000 |
| Cash accounting scheme - up to |
£1,350,000 |
£1,350,000 |
| 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 2008 is as follows:
CO2
in g/km |
VAT
on charge |
CO2
in g/km |
VAT
on charge |
CO2
in g/km |
VAT
on charge |
| 120 or less |
£20.55 |
165 |
£43.19 |
200 |
£57.49 |
| 121 to 139 |
£30.83 |
170 |
£45.13 |
205 |
£59.57 |
| 140 |
£32.91 |
175 |
£47.21 |
210 |
£61.66 |
| 145 |
£34.85 |
180 |
£49.30 |
215 |
£63.74 |
| 150 |
£36.94 |
185 |
£51.38 |
220 |
£65.83 |
| 155 |
£39.02 |
190 |
£53.47 |
225 |
£67.77 |
| 160 |
£41.11 |
195 |
£55.55 |
230 |
£69.85 |
| |
|
|
|
235 and over |
£71.94 |
|