Value Added Tax
| From | 4 January 2011 | 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 - from 1 April 2011 |
||
| Registration - last 12 months or next 30 days over | £73,000 | |
| Deregistration - next 12 months under | £71,000 | |
| Cash accounting scheme - up to | £1,350,000 | |
| Optional flat rate scheme - up to | £150,000 | |
| Annual accounting scheme - up to | £1,350,000 | |
Where businesses wish to reclaim the input VAT on fuel which has some degree of private use, they must account for output VAT on a scale charge.
VAT scale figures for private use are now based on carbon emissions. Please visit HMRC Website for more information.