VAT

Standard Rate 20%*
Reduced Rate 5%
Annual Registration Limit - from 1.4.16 **
(1.4.15 - 31.3.16: £82,000)
£83,000
Annual Deregistration Limit - from 1.4.16
(1.4.15 - 31.3.16: £80,000)
£81,000
Cash accounting turnover limit £1,350,000
Annual accounting turnover limit £1,350,000
Flat rate scheme turnover limit for joining £150,000***

*20% w.e.f. 04/01/2011, previously 17.5% since 01/01/10

** Please note that the limit applies to any 12 month period, not just your financial year, so you must keep track of your turnover on a rolling 12 month basis if you are likely to be near the threshold.

*** Once in the flat rate VAT scheme, you can stay in until your turnover reaches £230,000.

VAT Fuel Scale Charges For 3 Month Periods (for accounting periods beginning on or after 1st May 2016)

CO2 band , g/km  VAT fuel scale charge, 3 month period, (£) VAT on 3 month charge (£) VAT exclusive 3 month charge (£)
< 120 116.00 19.33 96.67
125 175.00 29.17 145.83
130 186.00 31.00 155.00
135 197.00 32.83 164.17
140 209.00 34.83 174.17
145 221.00 36.83 184.17
150 233.00 38.83 194.17
155 245.00 40.83 204.17
160 256.00 42.67 213.33
165 268.00 44.67 223.33
170 279.00 46.50 232.50
175 291.00 48.50 242.50
180 303.00 50.50 252.50
185 314.00 52.33 261.67
190 326.00 54.33 271.67
195 338.00 56.33 281.67
200 350.00 58.33 291.67
205 362.00 60.33 301.67
210 373.00 62.17 310.83
215 384.00 64.00 320.00
220 396.00 66.00 330.00
225 or more 408.00 68.00 340.00

To find out how Chapman Robinson & Moore can help your business either call 01865 379272, or click here to arrange a free Confidential Business Analysis.