| From | 4 Jan 2011 | 1 Jan 2010 |
|---|---|---|
| Standard Rate | 20% | 17.5% |
| VAT fraction | 1/6 | 7/47 |
| Reduced Rate | 5% | 5% |
| Taxable Turnover Limits | ||
| Registration - last 12 months or next 30 days over | £77,000 from 1 April 2012 | |
| Deregistration - next 12 months under | £75,000 from 1 April 2012 | |
| Cash accounting scheme - up to | £1,350,000 | |
| Optional flat rate scheme - up to | £150,000 | |
| Annual accounting scheme - up to | £1,350,000 | |
Value Added Tax
