| From 4 January 2011 |
From 1 April 2010 |
||
| Standard rate | 20% | 17.5% | |
| Standard rate VAT fraction | 1/6 | 7/47 | |
| Reduced rate | 5% | 5% | |
| Reduced rate VAT fraction | 1/21 | 1/21 | |
| Taxable turnover limits | |||
| Registration – last 12 months or next 30 days over | £70,000 | £70,000 | |
| Deregistration – next 12 months under | £68,000 | £68,000 | |
| Cash accounting scheme – up to | £1,350,000 | £1,350,000 | |
| Optional flat rate scheme – joining up to
– exiting over |
£150,000 £230,000 |
£150,000
£225,000 |
|
| Annual accounting scheme – up to | £1,350,000 | £1,350,000 | |
Cars and your VAT return
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 on a scale charge.
The table shows the VAT chargeable for quarters commencing on or after 1 May 2010. The last column takes account of the change in the standard rate of VAT from 17.5% to 20% with effect from 4 January 2011.
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