Value Added Tax
| From |
1 April 2007 |
1 April 2006 |
1 April 2005 |
| Standard rate |
17.5% |
17.5% |
17.5% |
| VAT fraction |
7/47 |
7/47 |
7/47 |
| Taxable Turnover Limits |
| Registration - last 12 months or next
30 days over |
£64,000 |
£61,000 |
£60,000 |
| Deregistration - next 12 months under |
£62,000 |
£59,000 |
£58,000 |
| Annual Accounting Scheme |
£1,350,000 |
£1,350,000 |
£660,000 |
| Cash Accounting Scheme - up to |
£1,350,000 |
£660,000 |
£660,000 |
| Optional Flat Rate Scheme - up to |
£150,000 |
£150,000 |
£150,000 |
Where the cost of all fuel for private use is borne by th employee, the fuel benefit is nil. Otherwise, the taxable benefit is calculated as the car benefit percentage (see Vehicle Benefits) of £14,400. VAT is payable by the business by reference to the CO2 emissions (rounded down to the next multiple of 5) as follows:
| VAT on scale charge for quarters commencing on or after 1 May 2007 |
| CO2 in g/km |
VAT on Charge |
| up to 140 |
£27.11 |
| 145 |
£29.04 |
| 150 |
£30.83 |
| 155 |
£32.62 |
| 160 |
£34.40 |
| 165 |
£36.19 |
| 170 |
£38.13 |
| 175 |
£39.91 |
| 180 |
£41.70 |
| 185 |
£43.49 |
| 190 |
£45.28 |
| 195 |
£47.21 |
| 200 |
£49.00 |
| 205 |
£50.79 |
| 210 |
£52.57 |
| 215 |
£54.36 |
| 220 |
£56.30 |
| 225 |
£58.09 |
| 230 |
£59.87 |
| 235 |
£61.66 |
| 240 or over |
£63.45 |
|
