Tax Tables 2007/08

Value Added Tax


From 1 April 2007 1 April 2006
Standard rate 17.5% 17.5%
VAT fraction 7/47 7/47
Taxable Turnover Limits
Registration - last 12 months or next 30 days over £64,000 £61,000
Deregistration - next 12 months under £62,000 £59,000
Cash accounting scheme - up to £1,350,000 £660,000
Optional flat rate scheme - up to £150,000 £150,000
Annual accounting scheme - up to £1,350,000 £1,350,000


VAT on fuel for private use in cars

Where businesses buy fuel which has some degree of private use, they must account for output VAT on a scale charge. This is based on the CO2 emissions (rounded down to the next multiple of 5). The VAT chargeable for quarters commencing after 1 May 2007 is as follows:

CO2
in g/km
VAT
on charge
CO2
in g/km
VAT
on charge
CO2
in g/km
VAT
on charge
Up to 140 £27.11 175 £39.91 210 £52.57
145 £29.04 180 £41.70 215 £54.36
150 £30.83 185 £43.49 220 £56.30
155 £32.62 190 £45.28 225 £58.09
160 £34.40 195 £47.21 230 £59.87
165 £36.19 200 £49.00 235 £61.66
170 £38.13 205 £50.79 240 and over £63.45

Whilst every effort has been made to ensure that the articles on MSN Money Tax Advice provide accurate and expert guidance, it is impossible to predict all the circumstances in which this information may be used. Accordingly, neither the publisher, author, MSN or Tax Buddies Limited shall be liable to any person or entity with respect to any loss or damage caused or alleged to be caused by the information contained in or omitted from articles on MSN Money Tax Advice. The law stated is that of England and Wales except where indicated otherwise.