Chartered Accountants
YOUR TIME IS PRECIOUS DON?T WASTE IT.
Value added tax
| From 1 April 2012 | From 1 April 2011 | |
| Standard rate | 20% | 20% |
| Standard rate VAT fraction | 1/6 | 1/6 |
| Reduced rate | 5% | 5% |
| Reduced rate VAT fraction | 1/21 | 1/21 |
| Taxable turnover limits | ||
| Registration - last 12 months or next 30 days over | £77,000 | £73,000 |
| Deregistration - next 12 months under | £75,000 | £71,000 |
| Cash accounting scheme - up to | £1,350,000 | £1,350,000 |
| Optional flat rate scheme | ||
| - joining up to | £150,000 | £150,000 |
| - exiting over | £230,000 | £230,000 |
| Annual accounting scheme - up to | £1,350,000 | £1,350,000 |
It is expected that the standard rate of VAT will remain at 20% until 2014.
Cars and your VAT return
VAT scale figures for private use are based on carbon emissions. Please refer here for the scale figures for VAT returns.