VAT rates
| From |
1 May 2009 to 31 December 2009 |
From 1 January 2010 |
| Standard rate |
15% |
17.5% |
| Standard rate VAT fraction |
3/23 |
7/47 |
| Reduced rate |
5% |
5% |
| Reduced rate VAT fraction |
1/21 |
1/21 |
| Taxable turnover limits |
| Registration - last 12 months or next 30 days over |
£68,000 |
£68,000 |
| Deregistration - next 12 months under |
£66,000 |
£66,000 |
| Cash accounting scheme - up to |
£1,350,000 |
£1,350,000 |
| Optional flat rate scheme - up to |
£150,000 |
£150,000 |
| Annual accounting scheme - up to |
£1,350,000 |
£1,350,000 |
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.
Did you know?
That the Government expects to receive £63.7 billion from VAT in the current tax year (2008/09 £78.4 billion)
