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Budget 2007
Value Added Tax
| Rates | % | |
|
17.5 | |
|
5 | |
|
0 | |
| From 1 April 2007 | From 1 April 2006 - 31 March 2007 | |
| Annual registration and de-registration thresholds | ||
| Registration | £64,000 | £61,000 |
| De-registration | £62,000 | £59,000 |
| Special Schemes Maximum annual taxable turnover | ||
| Cash accounting scheme | £1,350,000 | £660,000 |
| Annual accounting scheme | £1,350,000 | £1,350,000 |
| Flat rate schemes1 | £150,000 | £150,000 |
Road fuel scale charges
- New scales for businesses funding road fuel used for private motoring.
- 21 bands with carbon dioxide emission increments of 5g/km ranging from 140g/km to 240g/km.
- VAT element of quarterly scale charges ranging from £27.11 to £63.45.
- Applicable from start of next VAT period beginning on or after 1 May 2007.
Bad debts - output tax reclaimable, input tax repayable after 6 months
| Penalties | % of the related tax |
|
|
|
5 |
|
10 |
|
15 |
|
2-15 |
|
15 |
|
15 |
|
100 |
|
|
|
15 |
|
£5,000 |
1 £150,000 if less than 12 months since registration
2 Mitigation available
3 Reliefs available for small businesses with annual turnover up to £150,000
The figures shown here are subject to ammendment as the Finance Bill passes through Parliament.
This information has been prepared only as a topical guide to tax and personal financial matters. No responsibility can be accepted by us for loss occasioned to any person acting or refraining from acting as a result of any material contained in this publication.
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