Value Added Tax - Cutter & Co Chartered Accountants

VAT

Standard rate (7/47 of VAT-inclusive price)

17.5%

Registration level from 1.4.10

£70,000 per annum

Deregistration level from 1.4.10

£68,000 per annum

Standard rate rises to 20% on 4.1.2011 (1/6 of VAT inclusive price).

Scale Charges (will change from 4.1.2011)

The scale charges for private use of business fuel are based on the CO2 emissions rating of the car. A different charge will apply for each 5g/km increase between 130g/km and 230g/km (max). For a 3 month period:

120 or less

£120.00 net

£21.00 VAT

121-134

180.43 net

31.57 VAT

rising by per 5g/km by approx*

12.06 net

2.11 VAT

230 or above

422.13 net

73.87 VAT

* exact figures must be obtained from full table.