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 |
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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 |
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