Value Added Tax


From 1 April 2008 1 April 2007
Standard rate 17.5% 17.5%
VAT fraction 7/47 7/47
Taxable Turnover Limits
Registration - last 12 months or next 30 days over £67,000 £64,000
Deregistration - next 12 months under £65,000 £62,000
Cash accounting scheme - up to £1,350,000 £1,350,000
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 2008 is as follows:

CO2
in g/km
VAT
on charge
CO2
in g/km
VAT
on charge
CO2
in g/km
VAT
on charge
120 or less £20.55 165 £43.19 200 £57.49
121 to 139 £30.83 170 £45.13 205 £59.57
140 £32.91 175 £47.21 210 £61.66
145 £34.85 180 £49.30 215 £63.74
150 £36.94 185 £51.38 220 £65.83
155 £39.02 190 £53.47 225 £67.77
160 £41.11 195 £55.55 230 £69.85
        235 and over £71.94

Tax Data

Introduction
Income Tax
Capital Gains Tax
Corporation Tax
Capital Allowances
Value Added Tax
Inheritance Tax
Vehicle Benefits
Mileage Allowances
NI Contributions
Key Dates & Deadlines
Pension Premiums
Charitable Giving
Savings & Investments
Some Useful Rates
Stamp Taxes

Newsletter

Sign up for our newsletter, sent by post monthly, or browse our newsletter archive.

Webcam – click on the link to see the view of St Magnus Cathedral taken from our Kirkwall office

Useful Sections

Current Tax Data
Tax Calculators
Helpsheets
Contact Us
Crunchers Bookkeeping
New client enquiry

Our Guarantee

Our Standard Terms of business include a guarantee of satisfaction. If you are not completely satisfied with the service we have provided, you do not need to pay us.

Offices

Kirkwall
Thurso