Value Added Tax

 

From
2014/152013/14
Standard rate20%20%
Taxable Turnover Limits 
Registration threshold– last 12 months or next 30 days over£81,000£79,000
Deregistration threshold- next 12 months under£79,000£77,000
Cash accounting scheme – up to£1,350,000£1,350,000
Annual accounting scheme – up to£1,350,000£1,350,000
Flat rate scheme£150,000 £150,000
Flat rate scheme exit threshold £230,000 £230,000

VAT on fuel for private use in cars

Where businesses wish to reclaim the input VAT on fuel which has some degree of private use, they must account for output VAT on a scale charge.

The table shows the VAT chargeable for quarters commencing on or after 1 May 2012.

CO2 emissions
(g/km)
Quarterly VAT
Fuel scale
charge £
VAT on charge
£
Up to 12416627.67
125-12925041.67
130-13426644.33
135-13928347.17
140-14430050.00
145-14931652.67
150-15433355.50
155-15935058.33
160-16436661.00
165-16938363.83
170-17440066.67
175-17941669.33
180-18443372.17
185-18945075.00
190-19446777.83
195-19948380.50
200-20450083.33
205-20951786.17
210-21453388.83
215-21955091.67
220-22456794.50
225 and above58397.17