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 |