Value Added Tax

From 1 Apr 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 12 months under £79,000 from 1 April 2014
Annual accounting scheme £1,350,000
Cash Accounting Scheme £1,350,000
Flat-rate scheme £150,000