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Value Added Tax

From

1 April 2015

Standard rate

20%

VAT fraction

1/6

Reduced rate

5%

Taxable Turnover Limits

Registration - last 12 months or next 30 days over

£82,000 from 1 April 2015

Deregistration - next 12 months under

£80,000 from 1 April 2015

Cash accounting scheme - up to

£1,350,000

Optional flat rate scheme - up to

£150,000

Annual accounting scheme - up to

£1,350,000

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 for which they may use the flat rate valuation.

The table shows the VAT chargeable for quarters commencing on or after 1 May 2015.

CO2 emissions

(g/km)

Appropriate percentage

Quarterly VAT

Petrol %

Diesel %

Flat Rate Valuation

VAT on Charge

0-50

5

8

 

 

 

 

 

 

 

£133

 

 

 

 

 

 

 

£22.17

51-75

9

12

76-94

13

16

95-99

14

17

100-104

15

18

105-109

16

19

110-114

17

20

115-199

18

21

120-124

19

22

125-129

20

23

£200

£33.33

130-134

21

24

£213

£35.50

135-139

22

25

£227

£37.83

140-144

23

26

£240

£40.00

145-149

24

27

£254

£42.33

150-154

25

28

£267

£44.50

155-159

26

29

£281

£46.83

160-164

27

30

£294

£49.00

165-169

28

31

£308

£51.33

170-174

29

32

£320

£53.33

175-179

30

33

£334

£55.67

180-184

31

34

£347

£57.83

185-189

32

35

£361

£60.17

190-194

33

36

£374

£62.33

195-199

34

 

 

 

 

 

37

£388

£64.67

200-204

35

£401

£66.83

205-209

36

£415

£69.17

210-214

 

 

37

£428

£71.33

215-219

£441

£73.50

220-224

£455

£75.83

225 and above

£468

£78.00