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Wells Associates, accountants and business advisers

Value Added Tax 2007-2008   Tax Rates and Allowances

Value Added Tax


From 1 April 2007 1 April 2006
Standard rate 17.5% 17.5%
VAT fraction 7/47 7/47
Taxable Turnover Limits
Registration - last 12 months or next 30 days over £64,000 £61,000
Deregistration - next 12 months under £62,000 £59,000
Cash accounting scheme - up to £1,350,000 £660,000
Optional flat rate scheme - up to £150,000 £150,000
Annual accounting scheme - up to £1,350,000 £1,350,000


VAT on fuel for private use in cars

Where businesses buy fuel which has some degree of private use, they must account for output VAT on a scale charge. This is based on the CO2 emissions (rounded down to the next multiple of 5). The VAT chargeable for quarters commencing after 1 May 2007 is as follows:

CO2
in g/km
VAT
on charge
CO2
in g/km
VAT
on charge
CO2
in g/km
VAT
on charge
Up to 140 £27.11 175 £39.91 210 £52.57
145 £29.04 180 £41.70 215 £54.36
150 £30.83 185 £43.49 220 £56.30
155 £32.62 190 £45.28 225 £58.09
160 £34.40 195 £47.21 230 £59.87
165 £36.19 200 £49.00 235 £61.66
170 £38.13 205 £50.79 240 and over £63.45

2007-2008 Tax Rates and Allowances menu:
Introduction | Income Tax | Capital Gains Tax | Corporation Tax | Main Capital Allowances | Value Added Tax
Inheritance Tax | Vehicle Benefits | Mileage Allowances | NI Contributions | Key Dates & Dealines | Pension Premiums
Charitable Giving | Savings & Investment | Some Useful Rates | Stamp Taxes
10 Lonsdale Gardens | Tunbridge Wells | Kent TN1 1NU 01892 507 280 | info@wellsassociates.com Site map | Legal | Printer Friendly
Wells Associates is the trading name of Wells Professional Partnership LLP which is registered to carry on audit work and regulated for a range of investment business activities by the Institute of Chartered Accountants in England & Wales.
Registered Office: 10 Lonsdale Gardens Tunbridge Wells Kent TN1 1NU
Registered No: OC307133 England and Wales 		© 2006 - 2008 Wells Associates and MSO.net