Budget Report 2014/06 Graphic Budget Report 2014/06

Value Added Tax


From 1 April 2015 1 April 2014
Standard rate 17.5% 17.5%
VAT fraction 7/47 7/47
Taxable Turnover Limits
Registration - last 12 months or next 30 days over £61,000 £60,000
Deregistration - next 12 months under £59,000 £58,000
Cash accounting scheme - up to £660,000 £660,000
Optional flat rate scheme - up to £150,000 £150,000
Annual accounting scheme - up to £1,350,000 £660,000
 
Quarterly Return Scale figure for private use of fuel
  From 1 May 2015
Petrol scale charge VAT due per car
Up to 1400cc £273 £40.66
1401cc - 2000cc £346 £51.53
Over 2000cc £508 £75.66
Diesel    
Up to 2000cc £260 £38.72
Over 2000cc £331 £49.30