Value Added Tax (VAT)

From 1 April 2017
Standard rate 20%
VAT fraction 1/6
Reduced rate 5%
Current Turnover Limits
Registration – last 12 months or next 30 days over £85,000 from 1 April 2017
Deregistration – next 12 months under £83,000 from 1 April 2017
Annual and Cash Accounting Scheme £1,350,000
Flat Rate Scheme £150,000

VAT Flat Rate Scheme

As announced in the Autumn Statement 2016, there will be a new 16.5% rate from 1 April 2017 for businesses with limited costs, such as many labour-only businesses.

Anti-forestalling provisions have been introduced to prevent any business defined as a limited cost trader from continuing to use a lower flat rate beyond 1 April 2017.

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Stein Richards Limited registered to carry on audit work in the UK and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales. We use cookies on this website, you can find more information about cookies here. Stein Richards, 10 London Mews, Paddington, London W2 1HY