Value Added Tax (VAT)

From	1 April 2013
Standard rate	20%
VAT fraction	1/6
Reduced rate	5%
Current Turnover Limits
Registration - last 12 months or next 30 days over	£79,000 from 1 April 2013
Deregistration - next 12 months under	£77,000 from 1 April 2013
Annual Accounting Scheme	£1,350,000
Cash Accounting Scheme	£1,350,000
Flat Rate Scheme	£150,000