Do you have private use of a road vehicle purchased by a business – if so it is important to be aware of the updated VAT fuel scales, updated from 1st May 2018. If you would like additional guidance on VAT fuel scales, Harvey Telford & Bates Accountants can provide guidance on this. See the full list of rates below:
Vat Fuel Scales Valuation Table
|Description of vehicle: vehicle’s CO2 emissions figure||VAT inclusive consideration for a 12 month prescribed accounting period (£)||VAT inclusive consideration for a 3 month prescribed accounting period (£)||VAT inclusive consideration for a 1 month prescribed accounting period (£)|
|120 or less||562||140||46|
|225 or more||1,967||491||163|
HMRC have issued details of the updated VAT fuel scale charges which apply from the beginning of the next prescribed VAT accounting period starting on or after 1 May 2018.
VAT registered businesses will use the fuel scale charges 2018 to account for VAT on private use of road fuel purchased by the business. If you require further advice on this or other VAT matters, contact the team of VAT specialists at HTB Accountants in Shrewsbury on 01743 462604 or email firstname.lastname@example.org.