Value added tax
| From 1 April 2013 | From 1 April 2012 | |
| Standard rate | 20% | 20% |
| Standard rate VAT fraction | 1/6 | 1/6 |
| Reduced rate | 5% | 5% |
| Reduced rate VAT fraction | 1/21 | 1/21 |
| 0% | 0% | |
| 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.
Resources
- Active Business Updates
- Business
- Personal
- Tax
- Budget 2013
- Year end tax guide
- Tax efficient investments
- Financial planning and strategy guide 2013/14
- Minimising capital taxes
- Tax planning for business owners
- Tax rates and allowances
- Offshore issues update
- VAT
- An introduction to VAT
- Value added tax
- Bad debt relief
- Issuing VAT invoices
- Recovering VAT on staff expenses
- Fuel scale charges
- When to add VAT?
- Deregistering for VAT
- Cash accounting scheme
- Flat rate scheme
- Annual accounting scheme
- VAT do's and don’ts
- The VAT man cometh
- How to survive the enforcement powers
- Group VAT registration
- PAYE and NI
- IR35 Centre
- Tax and business calendar
- Budget archive
- Regulation changes from April 2012
- Links
- Publications
- Calculators
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