Value Added Tax

Registration level from 1/4/10 £70,000
Standard rate from 4/1/11 20%
Standard rate 1/1/10 to 3/1/11 17.5%
Reduced rate, eg on domestic fuel 5%
Flat rate scheme turnover limit £150,000
Cash and annual accounting schemes turnover limit £1,350,000

© Copyright 22 June 2010, subject to final legislation. For information only. Always seek professional advice before acting.