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 2014. These rates were current at the date of publication. Please check with us for any updated rates from 1 May 2015.
| CO2 emissions (g/km) |
Quarterly VAT | |
|---|---|---|
| Flat Rate Valuation £ | VAT on Charge £ | |
| 0-50 | 156.00 | 26.00 |
| 51-75 | 156.00 | 26.00 |
| 76-94 | 156.00 | 26.00 |
| 95-99 | 156.00 | 26.00 |
| 100-104 | 156.00 | 26.00 |
| 105-109 | 156.00 | 26.00 |
| 110-114 | 156.00 | 26.00 |
| 115-199 | 156.00 | 26.00 |
| 120-124 | 156.00 | 26.00 |
| 125-129 | 234.00 | 39.00 |
| 130-134 | 251.00 | 41.83 |
| 135-139 | 266.00 | 44.33 |
| 140-144 | 282.00 | 47.00 |
| 145-149 | 297.00 | 49.50 |
| 150-154 | 313.00 | 52.17 |
| 155-159 | 328.00 | 54.67 |
| 160-164 | 345.00 | 57.50 |
| 165-169 | 360.00 | 60.00 |
| 170-174 | 376.00 | 62.67 |
| 175-179 | 391.00 | 65.17 |
| 180-184 | 408.00 | 68.00 |
| 185-189 | 423.00 | 70.50 |
| 190-194 | 439.00 | 73.17 |
| 195-199 | 454.00 | 75.67 |
| 200-204 | 470.00 | 78.33 |
| 205-209 | 485.00 | 80.83 |
| 210-214 | 502.00 | 83.67 |
| 215-219 | 517.00 | 86.17 |
| 220-224 | 533.00 | 88.83 |
| 225 or more | 548.00 | 91.33 |