Standard Rate
17.5%
VAT Fraction 7/47
Registration - you CAN register
at any time, but MUST register if UK taxable supplies
in last 12 months or coming 30 days exceeds £55,000
Deregistration - you CAN deregister
if UK taxable supplies in next 12 months expected
to be less than £53,000
Cash accounting scheme -
you CAN complete your VAT returns on the basis
of cash received and paid (rather than on an invoice
basis) if taxable supplies in next year not expected
to exceed £600,000
Annual accounting scheme - you
CAN complete just one VAT return per year if taxable
supplies in next year not expected to exceed £600,000
VAT Scale Charge – if
VAT claimed on fuel paid by the business then
the following VAT is payable per quarter per
car
From 1 May 2002
Petrol - up to 1400cc £31.57
Petrol - 1401 to 2000cc £39.91
Petrol - over 2000cc £62.85
Diesel - up to 2000cc £31.57
Diesel - over 2000cc £39.91
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