Call: 020 8418 8980







Value Added Tax

 

From 1 April 2017
Standard rate 20%
VAT fraction 1/6
Reduced Rate 5%
Current Turnover Limits
Registration - last 12 months or next 30 days over £85,000 from 1 April 2017
Deregistration - next 12 months under £83,000 from 1 April 2017
Annual and Cash Accounting Schemes £1,350,000
Flat Rate Scheme £150,000

VAT Flat Rate Scheme

As announced in the Autumn Statement 2016, there will be a new 16.5% rate from 1 April 2017 for businesses with limited costs, such as many labour-only businesses.

Anti-forestalling provisions have been introduced to prevent any business defined as a limited cost trader from continuing to use a lower flat rate beyond 1 April 2017.