Value Added Tax – Budget Report 16 March 2016
Value Added Tax
| From | 1 April 2016 |
|---|---|
| Standard rate | 20% |
| VAT fraction | 1/6 |
| Reduced Rate | 5% |
| Current Turnover Limits | |
| Registration – last 12 months or next 30 days over | £83,000 from 1 April 2016 |
| Deregistration – next 12 months under | £81,000 from 1 April 2016 |
| Annual and Cash Accounting Schemes | £1,350,000 |
| Flat Rate Scheme | £150,000 |