Value added tax
|From 1 April 2013||From 1 April 2012|
|Standard rate VAT fraction||1/6||1/6|
|Reduced rate VAT fraction||1/21||1/21|
|Taxable turnover limits|
|Registration - last 12 months or next 30 days over||£79,000||£77,000|
|Deregistration - next 12 months under||£77,000||£75,000|
|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.
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