Value added tax
From 1 April 2018 | From 1 April 2017 | |
Standard rate | 20% | 20% |
Standard rate VAT fraction | 1/6 | 1/6 |
Reduced rate | 5% | 5% |
Reduced rate VAT fraction | 1/21 | 1/21 |
Zero rate | 0% | 0% |
Registration - last 12 months or next 30 days over | £85,000 | £85,000 |
Deregistration - next 12 months under | £83,000 | £83,000 |
Cash accounting scheme - up to | £1.35m | £1.35m |
Optional flat rate scheme | ||
joining up to | £150,000 | £150,000 |
exiting over | £230,000 | £230,000 |
Annual accounting scheme - up to | £1.35m | £1.35m |
Intrastat arrivals threshold | £1.5m | £1.5m |
Intrastat dispatches threshold | £250,000 | £250,000 |
EC sales list reporting threshold | nil | nil |
VAT flat-rate scheme
A business must leave the scheme when turnover increases to £230,000. However, a business can remain in the scheme with HMRC's written agreement provided it can be shown that total sales in the following 12 months will be less than £191,500 including VAT.
Cars and your VAT return
VAT scale figures for private use are based on carbon emissions. The government website has the scale figures for your VAT returns.
It is expected that the standard rate of VAT will remain at 20% until at least after the 2015 General Election.
Cars and your VAT return
VAT scale figures for private use are based on carbon emissions. Please refer here for the scale figures for VAT returns.
- Business
- Personal
- Tax
- Budget 2018
- Tax rates and allowances
- VAT
- An introduction to VAT
- Value added tax
- Bad debt relief
- Issuing VAT invoices
- Recovering VAT on staff expenses
- Fuel scale charges
- When to add VAT
- Deregistering from VAT
- Cash accounting scheme
- Flat rate scheme
- Annual accounting scheme
- VAT dos and don’ts
- VAT inspections
- How to survive the enforcement powers
- Group VAT registration
- VAT Mini One Stop Shop (MOSS)
- PAYE and NI
- IR35
- Tax and business calendar
- Budgets and Statements archive
- Calculators