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VAT rates
| From 1 April 2011 |
From 4 January 2011 |
From 1 April 2010 |
|
| Standard rate | 20% | 20% | 17.5% |
| Standard rate VAT fraction | 1/6 | 1/6 | 7/47 |
| Reduced rate | 5% | 5% | 5% |
| Reduced rate VAT fraction | 1/21 | 1/21 | 1/21 |
| Taxable turnover limits | |||
| Registration - last 12 months or next 30 days over | £73,000 | £70,000 | £70,000 |
| Deregistration - next 12 months under | £71,000 | £68,000 | £68,000 |
| Cash accounting scheme - up to | £1,350,000 | £1,350,000 | £1,350,000 |
|
Optional flat rate scheme - joining up to - exiting over |
£150,000 £230,000 |
£150,000 £230,000 |
£150,000 £225,000 |
| Annual accounting scheme - up to | £1,350,000 | £1,350,000 | £1,350,000 |
Did you know?
That the Government expect to receive £100.3bn from VAT in 2011/12 (2010/11 £86.1bn)
Cars and your VAT return
VAT scale figures for private use are now based on carbon emissions. Please refer here for the scale figures for one month, three month, and annual VAT returns.
Main taxes
- Key dates and deadlines
- Income tax
- Corporation tax
- Inheritance tax
- Capital gains tax
- Value added tax
- National insurance contributions
- Residential property letting
- Main capital allowances
- Business deductions
- Penalties for late returns
- Trusts and settlements
- Non domiciled individuals