Value Added Tax (VAT)

VAT rates and thresholds

VAT rates

 

Rate

Standard rate

From 4/1/11

1/1/10 to 3/1/11

 

20%

17.5%

Reduced rate

5%

Zero rate

Zero

VAT fraction

20%    1/6
17.5%  7/47

 

VAT registration and deregistration thresholds

 

From 1 April 2012

From 1 April 2011 - 31 March 2012

1 April 2010 - 31 March 2011

Registration threshold

£77,000

£73,000

£70,000

De-registration threshold

£75,000

£71,000

£68,000

Flat rate scheme

Turnover limit £150,000
Business must leave the flay rate scheme when turnover exceeds £225,000 (£230,000 from 4/1/11).

CASH and annual accounting schemes

Turnover limit £1,350,000

 

VAT fuel scale charges

Annual charges – prescribed accounting periods beginning on or after 1 May 2012

CO2 band

VAT fuel scale charge (inclusive of VAT)

VAT element
(VAT 20%)

120 or less

£665.00

£110.83

125

£1,000.00

£166.67

130

£1,065.00

£177.50

135

£1,135.00

£189.17

140

£1,200.00

£200.00

145

£1,270.00

£200.00

150

£1,335.00

£222.50

155

£1,400.00

£233.33

160

£1,470.00

£245.00

165

£1,535.00

£255.83

170

£1,600.00

£266.67

175

£1,670.00

£278.33

180

£1,735.00

£289.17

185

£1,800.00

£300.00

190

£1,870.00

£311.67

195

£1,935.00

£322.50

200

£2,000.00

£333.33

205

£2,070.00

£345.00

210

£2,125.00

£355.83

215

£2,200.00

£366.67

220

£2,270.00

£378.33

225 or more

£2,335.00

£389.17

The VAT scale charges charge the private use of road fuel where a business recovers input tax on fuel used for private motoring.

To determine the correct scale charge, actual CO2 emissions are rounded down to the nearest 5g/km.

HMRC also publish quarterly and monthly figures.