VALUE ADDED TAX Standard rate 20% Domestic fuel 5% Installation of energy saving materials (except Northern Ireland) 0% Since 1/4/17: Registration level £85,000 Deregistration £83,000 Flat rate scheme turnover limit £150,000 Cash and annual accounting schemes turnover limit £1,350,000 CAR BENEFITS Taxable amount based on original list price and CO2 emissions in g/km. Zero emission cars 2% Petrol and diesel hybrids with CO2 emissions 1–50g/km Range – electric-only miles < 30 30–39 40–69 70–129 130+ 14% 12% 8% 5% 2% All non-diesel cars over 50g/km CO2 51–54 55 & over 15% 16% * –37% *Increased for every extra 5g/km by 1% up to the maximum 37% Diesels not meeting RDE2: add 4% to non-diesel rates, up to 37% Fuel Benefit – taxable amount for private use 22/23 21/22 CO2 % charge used for car benefit multiplied by £25,300 £24,600 VANS – FOR PRIVATE USE 22/23 21/22 Zero emission: chargeable amount Nil Nil Other vans: chargeable amount £3,600 £3,500 Fuel: chargeable amount £688 £669 TAX-FREE BUSINESSMILEAGE ALLOWANCE –OWN VEHICLE Cars and vans first 10,000 miles 45p per mile then 25p per mile Qualifying passenger 5p per mile Motorcycles 24p per mile Bicycles 20p per mile MAIN CAPITAL AND OTHER ALLOWANCES Plant & machinery (P&M) 100% annual investment allowance (1st year): To 31/3/23 £1,000,000 P&M* super-deduction first year allowance (FYA) for companies to 31/3/23 130% Special rate P&M* FYA for companies to 31/3/23 50% Plant and machinery** 18% Patent rights and know-how** 25% Special rate P&M e.g. long-life assets and integral features of buildings** 6% Structures and buildings (straight line)† 3% Electric charge points 100% Motor Cars CO2 emissions of g/km: 0* 1–50 Over 50 Capital allowance: 100% first year 18% pa** 6% pa** *New and unused only **Annual reducing balance †10% for freeport sites in Great Britain Research and Development Capital expenditure 100% Revenue expenditure relief – small/medium-sized companies 230% Research and development expenditure credit – large companies 13%
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