2016/17 Value Added Tax

From 1st 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 1st April 2016
Deregistration – next year under £81,000 from 1st April 2016
Annual and Cash Accounting Schemes £1,350,000
Flat Rate Scheme £150,000