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Value added tax

From
1 April
2011		 From
4 January
2011		 From
1 April
2010
Standard rate  20%  20% 17.5%
Standard rate VAT fraction  1/6  1/6 7/47
Reduced rate  5%  5% 5%
Reduced rate VAT fraction  1/21  1/21 1/21
Taxable turnover limits
Registration - last 12 months or next 30 days over  £73,000  £70,000 £70,000
Deregistration - next 12 months under  £71,000  £68,000 £68,000
Cash accounting scheme - up to  £1,350,000  £1,350,000 £1,350,000

Optional flat rate scheme - joining up to

- exiting over

£150,000

£230,000

£150,000

£230,000

£150,000

£225,000
Annual accounting scheme - up to  £1,350,000  £1,350,000 £1,350,000

Did you know?

That the Government expect to receive £100.3bn from VAT in 2011/12 (2010/11 £86.1bn)

It is expected that the standard rate of VAT will remain at 20% from 4th January 2011 to 2014.