Value Added Tax
| From | 1 April 2018 |
|---|---|
| Standard rate | 20% |
| VAT fraction | 1/6 |
| Reduced rate | 5% |
| Current Turnover Limits | |
| Registration - last 12 months or next 30 days over | £85,000 |
| Deregistration - next 12 months under | £83,000 |
| 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 2017. Please contact us for any updated rates.
| CO2 emissions (g/km) |
Quarterly VAT | |
|---|---|---|
| Flat Rate Valuation £ | VAT on Charge £ | |
| 120 or less | 140 | 23.33 |
| 125 | 211 | 35.17 |
| 130 | 224 | 37.33 |
| 135 | 238 | 39.67 |
| 140 | 252 | 42.00 |
| 145 | 267 | 44.50 |
| 150 | 281 | 46.83 |
| 155 | 295 | 49.17 |
| 160 | 309 | 51.50 |
| 165 | 323 | 53.83 |
| 170 | 337 | 56.17 |
| 175 | 351 | 58.50 |
| 180 | 365 | 60.83 |
| 185 | 379 | 63.17 |
| 190 | 393 | 65.50 |
| 195 | 408 | 68.00 |
| 200 | 422 | 70.33 |
| 205 | 436 | 72.67 |
| 210 | 449 | 74.83 |
| 215 | 463 | 77.17 |
| 220 | 478 | 79.67 |
| 225 or more | 492 | 82.00 |