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Value added tax
| |
From 1 April 2012 |
From 1 April 2011 |
| Standard rate |
20% |
20% |
| Standard rate VAT fraction |
1/6 |
1/6 |
| Reduced rate |
5% |
5% |
| Reduced rate VAT fraction |
1/21 |
1/21 |
| Taxable turnover limits |
| Registration - last 12 months or next 30 days over |
£77,000 |
£73,000 |
| Deregistration - next 12 months under |
£75,000 |
£71,000 |
| Cash accounting scheme - up to |
£1,350,000 |
£1,350,000 |
| Optional flat rate scheme |
|
|
| - joining up to |
£150,000 |
£150,000 |
| - exiting over |
£230,000 |
£230,000 |
| Annual accounting scheme - up to |
£1,350,000 |
£1,350,000 |
It is expected that the standard rate of VAT will remain at 20% until 2014.
Cars and your VAT return
VAT scale figures for private use are based on carbon emissions. Please refer here for the scale figures for VAT returns.
VAT basics
VAT schemes
VAT compliance
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Registered to carry on audit work and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales.
