Value added tax
|
From |
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.