| |
| Value Added Tax |
From 25 April 2002
|
|
1 April 2001
|
| |
|
|
| Standard rate |
17.5%
|
17.5%
|
| VAT fraction |
7/47
|
7/47
|
| |
|
|
| Taxable Turnover Limits |
|
|
| |
|
|
| Registration - last 12 months or coming 30 days
over |
|
|
| Deregistration - coming year under |
£55,000
|
£54,000
|
| Cash accounting scheme - up to |
£53,000
|
£52,000
|
| Note:Optional flat rate scheme for small businesses
available fr 25 April 2002 |
£600,000
|
£600,000
|
| |
|
|
| Quarterly Return – Scale figure for private
use of fuel From 1 May 2002 |
|
|
| |
|
|
|
Petrol
|
|
|
| |
|
|
| scale charge VAT due per car Up to 1400cc |
£226
|
£33.65
|
|
1401cc - 2000cc
|
£286
|
£42.59
|
| Over 2000cc |
£422
|
£62.85
|
| |
|
|
|
Diesel
|
|
|
|
| Up to 2000cc |
£212
|
|
£31.57
|
| Over 2000cc |
£268
|
|
£39.91
|
Did you know?
That the Treasury this year expects their VAT revenues
to be in the region of £60 billion.
|
