VAT rates
| From 1 April 2012 | From 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 | ||
| Registration - last 12 months or next 30 days over | £77,000 | £73,000 |
| Deregistration - next 12 months under | £75,000 | £71,000 |
| 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 |
Cars and your VAT return
VAT scale figures for private use are based on carbon emissions. Please refer here for the scale figures for your VAT returns.
Did you know?
That the Treasury is expecting to raise £87.2 billion (2011/12 £83.7 billion) from VAT.
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Copyright © Rayner Essex. All rights reserved. Terms and Conditions. Disclaimer. Rayner Essex is a business name of Rayner Essex LLP, which is a limited liability partnership registered in England under number OC338376, VAT Registration number: 2350 760 81.
Its registered office is at Tavistock House South, Tavistock Square, London WC1H 9LG. Rayner Essex Chartered Accountants are registered to carry on audit work and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales. The term partner is used to refer to a member of Rayner Essex LLP