Annual registration and de-registration thresholds
From 1 April 2008
From 1 April 2007– 31 March 2008
Registration
£67,000
£64,000
De-registration
£65,000
£62,000
Special schemes maximum annual taxable turnover
Cash accounting scheme
£1,350,000
£1,350,000
Annual accounting scheme
£1,359,000
£1,350,000
Flat rate schemes*
£150,000
£150,000
Road fuel scale charge
• New scales for businesses funding road fuel use for private
motoring.
• 24 bands with carbond dioxide emission increments of 5g/km ranging
from120g/km or less to 235g/km or more.
• 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 2008.
Bad debts
Output tax reclaimable, input tax repayable after 6 months.
Penalties
% of the related tax
Late registration†
9 months late or less
5
over 9 and up to 18 months late
10
over 18 months late
15
Late payments‡
2-15
Misdeclaration†
15
Repeated misdeclaration†
15
Civil fraud †
100
Failure to disclose avoidance schemes
designated scheme
15
notifiable scheme (flat rate penalty)
£5,000
* Separate scheme available for farmers (no turnover limit).
† Mitigation available.
‡ Reliefs available for small businesses with annual turnover up to £150,000.
Business Advice 