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 |
£55,000 |
£54,000 |
| Deregistration - coming year under |
£53,000 |
£52,000 |
| Cash accounting scheme - up to |
£600,000 |
£600,000 |
Note: Optional flat rate scheme for small businesses available from 25 April 2002
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.
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