Value added tax
|
From
4 January
2011
|
From
1 April
2010 |
| Standard rate |
20% |
17.5% |
| Standard rate VAT fraction |
1/6 |
7/47 |
| Reduced rate |
5% |
5% |
| Reduced rate VAT fraction |
1/21 |
1/21 |
| Taxable turnover limits |
| Registration - last 12 months or next 30 days over |
£70,000 |
£70,000 |
| Deregistration - next 12 months under |
£68,000 |
£68,000 |
| Cash accounting scheme - up to |
£1,350,000 |
£1,350,000 |
|
Optional flat rate scheme - joining up to
- exiting over
|
£150,000
£230,000
|
£150,000
£225,000
|
| Annual accounting scheme - up to |
£1,350,000 |
£1,350,000 |
It is expected that the standard rate of VAT will remain at 20% from 4th January 2011 to 2014.
Changes to VAT in the emergency June Budget.
