VAT


	From 1st April 2008	From 1st April 2007

Rates of Tax
Standard rate	17.50%	17.50%
Fuel and power rate	5.00%	5.00%
VAT as a fraction of gross price	7/47	7/47

Annual Turnover Limits
Registration	£67,000	£64,000
Deregistration	£65,000	£62,000

Private Fuel from 6 April 2007

The calculation of fuel scale charges for private use of road fuel has been altered from engine size to carbon dioxide (Co₂) emissions in order to bring it into line with the current personal tax regime.

This new method must be used from the beginning of the next VAT accounting period on or after 1st May 2007.

For information of users: This material is published for the information of clients. It provides only an overview of the regulations in force at the date of publication, and no action should be taken without consulting the detailed legislation or seeking professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a result of the material can be accepted by the authors or the firm.

For further information, please email us on accountants@mitchells.org or call us on +44 (0) 1242 260066.

Mitchells Chartered Accountants, 41 Rodney Road, Cheltenham
Gloucestershire, GL50 1HX
Tel: +44 (0) 1242 260066 Fax: +44 (0) 1242 263707

For further information, please email us on accountants@mitchells.org

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