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 |
|
