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

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