Value Added Tax
| From | 4 January 2011 | 1 January 2010 |
| Standard Rate | 20% | 17.5% |
| VAT Fraction | 1/6 | 7/47 |
| Reduced Rate | 5% | 5% |
Current Turnover Limits
| Registration - Last 12 months or next 30 days over | £73,000 (from 1 April 2011) | |
| Deregistration - next year under | £71,000 (from 1 April 2011) | |
| Annual Accounting Scheme | £1,350,000 | |
| Cash Accounting Scheme | £1,350,000 | |
| Flat Rate Scheme | £150,000 |
© 2012 Mitchell Gordon