Value Added Tax

From 4 Jan 2011 1 Jan 2010

Standard rate 20% 17.5%

VAT fraction 1/6 7/47

Reduced rate 5% 5%

Taxable Turnover Limits

Registration – last 12 months or next 30 days over £73,000 from 1 April 2011

Deregistration – next 12 months under £71,000 from 1 April 2011

Cash accounting scheme – up to £1,350,000

Optional flat rate scheme – up to £150,000

Annual accounting scheme – up to £1,350,000

From	4 Jan 2011	1 Jan 2010
Standard rate	20%	17.5%
VAT fraction	1/6	7/47
Reduced rate	5%	5%
Taxable Turnover Limits
Registration – last 12 months or next 30 days over	£73,000 from 1 April 2011
Deregistration – next 12 months under	£71,000 from 1 April 2011
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.

The table shows the VAT chargeable for quarters commencing on or after 1 May 2011.