Tax Information Value Added Tax
Please select an option:
- Income Tax
- Corporation Tax
- Value Added Tax
- Vehicle Benefits
- NI Contributions
- Pension premiums
- Charitable giving
- Some useful rates
- Government tax spending
- Capital gains Tax
- Main capital Allowances
- Inheritance Tax
- Mileage Allowances
- Key dates and deadlines
- Profit related pay
- Savings and investments
- Stamp Duties
| From : | 10 April 2003 | 25 April 2002 |
|---|---|---|
| Standard rate | 17.5% | 17.5% |
| VAT fraction | 7/47 | 7/47 |
| Taxable Turnover Limits | ||
| Registration — last 12 months or next 30 days over | £56,000 | £55,000 |
| Deregistration - next 12 months under | £54,000 | £53,000 |
| Cash accounting scheme - up to | £600,000 | £600,000 |
| Optional flat rate scheme - up to | £150,000 | £100,000 |
| Annual accounting scheme - up to | £150,000 | £100,000 |
| From 1 May 2003 | ||
|---|---|---|
| Petrol | scale charge | VAT due per car |
| Up to 1400cc | £237 | £35.29 |
| 1401cc – 2000cc | £300 | £44.68 |
| Over 2000cc | £442 | £65.82 |
| Diesel | ||
| Up to 2000cc | £225 | £33.51 |
| Over 2000cc | £283 | £42.14 |
Did you know?
That the government this year expects their VAT revenues to be in the region of £67 billion (2002/03 - £63.6 billion).