Value Added Tax
Increase Date | ||
4 January 2011 | 1 January 2010 | |
Standard Rate | 20% | 17.50% |
VAT Fraction | 1/6 | 7/47 |
Reduced Rate | 5% | 5% |
Turnover Limits | ||
Registration Level from 1/4/2017 | ||
Turnover in last 12 months or next 30 days over | £85,000 | |
Deregistration Level from 1/4/2017 | ||
Turnover in next 12 months under | £83,000 | |
Flat rate scheme turnover limit | £150,000 | |
Cash and annual accounting schemes | £1,350,000 |