VAT rates
| 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)
Cars and your VAT return
VAT scale figures for private use are now based on carbon emissions. Please refer here for the scale figures for one month, three month, and annual VAT returns.
Newcastle
Bulman House . Regent Centre .
Gosforth . Newcastle upon
Tyne . NE3 3LS
Tel 0191 285 0321
Fax 0191 284 9117
DX 60368
Northumberland
10 Manchester Street .
Morpeth . Northumberland .
NE61 1BH
Tel 01670 513106
Fax 01670 504064
DX 62514
Tees Valley
Crutes House . Fudan Way .
Teesdale Park . Stockton on Tees . TS17 6EN
Tel 01642 676888
Fax 01642 605866
DX Stockton on Tees 10 723019
An independent member of MacIntyre Hudson Association, a national association of UK accountancy firms. UK member of Morison International with independent member firms worldwide.