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23rd March 2011 BUDGET PROPOSALS |
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4.1 The standard rate was increased from 17.5% to 20% on 4th January 2011 and remains unchanged. 4.2The annual registration limit is increased to £73,000 from 1st April 2011. The deregistration limit is increased to £71,000 from 1st April 2011. 4.3The annual turnover limit below which businesses can start to use both the VAT cash accounting scheme and the VAT annual accounting scheme remains at £1,350,000. 4.4 VAT fuel scale charges for private use of cars previously based on engine size are now to be based on CO2 emissions where the car is first registered after 1st March 2001. The scale charges have been revised to reflect changes in fuel prices and maintain alignment with CO2 bands used for income tax purposes.
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