Value Added Tax
| From |
1 April 2005 |
1 April 2004 |
| Standard rate |
17.5% |
17.5% |
| VAT fraction |
7/47 |
7/47 |
| Taxable Turnover Limits |
| Registration - last 12 months
or next 30 days over |
£60,000 |
£58,000 |
| Deregistration - next 12
months under |
£58,000 |
£56,000 |
| Cash accounting scheme -
up to |
£660,000 |
£660,000 |
| Optional flat rate scheme
- up to |
£150,000 |
£150,000 |
| Annual accounting scheme
- up to |
£660,000 |
£660,000 |
| |
| Quarterly Return – Scale figure
for private use of fuel |
| |
From 1 May 2005 |
| Petrol |
scale charge |
VAT due per
car |
| Up to 1400cc |
£246 |
£36.64 |
| 1401cc - 2000cc |
£311 |
£46.32 |
| Over 2000cc |
£457 |
£68.06 |
| Diesel |
|
|
| Up to 2000cc |
£236 |
£35.15 |
| Over 2000cc |
£300 |
£44.68 |
|
|
