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.
