Value Added Tax
|From||1 April 2016|
|Taxable Turnover Limits|
|Registration - last 12 months or next 30 days over||£83,000|
|Deregistration - next 12 months under||£81,000|
|Cash accounting scheme - up to||£1,350,000|
|Optional flat rate scheme - up to||£150,000|
|Annual accounting scheme - up to||£1,350,000|
VAT on fuel for private use in cars
Where businesses wish to reclaim the input VAT on fuel which has some degree of private use, they must account for output VAT for which they may use the flat rate valuation.
The table shows the VAT chargeable for quarters commencing on or after 1 May 2015. These rates were current at the date of publication. Please check with us for any updated rates from 1 May 2016.
|Flat Rate Valuation||VAT on Charge|
|225 and above||£468||£78.00|