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Phone: 01242 260066 | Email accountants@mitchells.org

Value Added Tax (VAT)

  1. Resources
  2. Tax information
  3. Statement
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.

Latest news

23 Apr 2024

Small firms confused over upcoming import rules

The government has been accused of confusing small firms before new import rules on plant and food products are introduced, according to the Federation of Small Businesses (FSB).

22 Apr 2024

HMRC launches MTD for Income Tax pilot

HMRC's pilot scheme for Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) launches today (22 April).

Try a site search Tax returns, budget, pension, rates and allowances...

Contact details

Office: 01242 260066

Company Registration No: 4161638
Company Registered in England and Wales.
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Company details
Mitchell Glanville Limited
Registered Address: 41 Rodney Road, Cheltenham, Gloucestershire GL50 1HX
Mitchell Glanville Limited regulated by the Institute of Chartered Accountants in England and Wales If, during the provision of professional services to you, you need advice on investments, we may have to refer you to someone who is authorised by the Financial Conduct Authority, as we are not. However, as we are licensed by the Institute of Chartered Accountants in England and Wales, we may be able to provide certain investment services where these are complementary to or arise out of the professional services we are already providing to you.

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