| Year |
1 April 2008 |
1 April 2007 |
| Standard rate |
17.5% |
17.5% |
| VAT fraction |
7/47 |
7/47 |
| VAT Thresholds |
| Mandatory registration is required where in the last 12 months or for the next 30 days taxable turnover will exceed |
£67,000 |
£64,000 |
| The option for deregistration exists if the taxable turnover for the next 12 months will be under |
£65,000 |
£62,000 |
| The option for cash accounting exist where taxable turnover for the year is less than |
£1,350,000 |
£1,350,000 |
| The flat rate scheme is available where taxable turnover is less than |
£150,000 |
£150,000 |
| The option to account for VAT on an annual basis exists for business with a taxable turnover of less than |
£1,350,000 |
£1,350,000 |
|
VAT on fuel deemed as non business use
In situations where part of the fuel purchased by a business is used for non commercial purposes, an amount of output VAT must be declared. The calculation of such amounts is based on a predetermined table of fuel scale charges.
The amount to be charged will be based on the level of C02 which is emitted from the particular vehicle.
Once the level of emissions have been matched the appropriate monetary amount, the fuel scale charge is then added to the amount of output VAT payable fro that quarter and submitted in the usual way.
The following table shows the fuel scale charges applicable for VAT period starting after 1May 2008.
|
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 |
|
