I was speaking to a client this afternoon about VAT Scale Charges. They own and love vintage vehicles and display them as often as possible. These same cars are also used for business purposes.
The question was asked as to what VAT scale charge should be used for these vehicles [private_basic]as there is no readily available source of CO2 information for vehicles older than 12 years. After a lot of digging I came across the answer and I thought it would be useful to put out a post about this to save other people in the same situation getting the VAT scale charge wrong.
The official figures are these:-
- if its cylinder capacity is 1,400 cubic centimetres or less, use CO2 band 140 or below
- if its cylinder capacity exceeds 1,400 cubic centimetres but does not exceed 2,000 cubic centimetres, use CO2 band 175
- if its cylinder capacity exceeds 2,000 cubic centimetres, use CO2 band 240 or above.
I have already put the VAT scale charges on a post and you can find that information here.
If you have any questions about the VAT scale charges, or any VAT, Tax, Accounts, Bookkeeping or general business question at all, please do not hesitate to ring me for a free, no obligation, chat on 0800 047 0731.
I look forward to hearing from you.