Value Added Tax

From

1 April 2014

 

Standard Rate

20%

 

VAT Fraction

1/6

 

Reduced Rate

5%

 

Current Turnover Limits

Registration – last 12 months or

 

next 30 days over

£81,000 from 1 April 2014

Deregistration – next year under

£79,000 from 1 April 2014

Annual and Cash Accounting Schemes

£1,350,000

Flat Rate Scheme

£150,000