Value Added Tax

From 1 Apr 2013
Standard rate 20%
VAT fraction 1/6
Reduced Rate 5%
Current Turnover Limits
Registration - last 12 months or next 30 days over £79,000 from 1 April 2013
Deregistration - next 12 months under £77,000 from 1 April 2013
Annual accounting scheme £1,350,000
Cash accounting scheme £1,350,000
Flat-rate scheme £150,000