VAT rates

	From 1 April 2012	From 1 April 2011
Standard rate	20%	20%
Standard rate VAT fraction	1/6	1/6
Reduced rate	5%	5%
Reduced rate VAT fraction	1/21	1/21
Taxable turnover limits
Registration - last 12 months or next 30 days over	£77,000	£73,000
Deregistration - next 12 months under	£75,000	£71,000
Cash accounting scheme - up to	£1,350,000	£1,350,000
Optional flat rate scheme
- joining up to	£150,000	£150,000
- exiting over	£230,000	£230,000
Annual accounting scheme - up to	£1,350,000	£1,350,000

VAT scale figures for private use are based on carbon emissions. Please refer here for the scale figures for your VAT returns.

Did you know?

That the Treasury is expecting to raise £87.2 billion (2011/12 £83.7 billion) from VAT.

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