Annual year-end accounts, tax and self assessment for small businesses.
The current standard rate is 17.5% and 5% reduced rate on fuel and power.
|
Turnover Thresholds |
From April 2006 |
From April 2005 |
|
Registration - last 12 months or next 30 days over |
£61,000 |
£60,000 |
|
Deregistration - coming year under |
£59,000 |
£58,000 |
|
Cash Accounting Threshold |
£1,350,000 |
£660,000 |
|
Flat Rate Scheme Threshold |
£150,000 |
£150,000 |
|
Annual Accounting Threshold |
£1,350,000 |
£660,000 |
Fuel Scale Charge
The quarterly fuel scale charges for VAT where cars have private use are as follows:
Periods starting on or after 1 May 06 1 May 2005 to 30 April 06 Engine Size Scale Charge Diesel VAT due per car Scale Charge Petrol VAT due per car Scale Charge Diesel VAT due per car Scale Charge Petrol VAT due per car cc £ £.p £ £.p £ £.p £ £.p 1,400 or less 260 38.72 273 40.66 236 35.15 246 36.64 1,401 - 2,000 260 38.72 346 51.53 236 35.15 311 46.32 2,001 or more 331 49.30 508 75.66 300 44.68 457 68.02
Cash Accounting Scheme
Businesses with an annual turnover of under £1,350,000 are eligible to calculate their
VAT under the Cash Accounting Scheme. Under this scheme a business accounts for
VAT on a receipts and payments basis as opposed to an invoice basis. This is aimed
to help cashflow for the smaller business so that VAT does not have to be paid to
HM Revenue & Customs prior to payment being received from the customer.
The information on this page is for guidance only. Professional advice should be obtained before acting on any information contained.
