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Value Added Tax (VAT)
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From 4th January 2011 |
From 1st January 2010 |
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Rates of Tax |
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20% |
17.5% |
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Reduced rate (including fuel and power) |
5.00% |
5.00% |
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VAT as a fraction of gross price |
1/6 |
7/47 |
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From 1st April 2010 |
From 1st April 2010 |
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Annual Turnover Limits |
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Registration |
£70,000 |
£70,000 |
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Deregistration |
£68,000 |
£68,000 |
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Private Fuel from 6 April 2007 |
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The calculation of fuel scale charges for private use of road fuel has been altered from engine size to carbon dioxide (CO2) emissions in order to bring it into line with the current personal tax regime. |
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For information of users: This material is published for the information of clients. It provides only an overview of the regulations in force at the date of publication, and no action should be taken without consulting the detailed legislation or seeking professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a result of the material can be accepted by the authors or the firm.
© Copyright JE Consulting 2010. All rights reserved.