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 |
