Value Added Tax
The below table shows an overview of the current tax rates.
This is not an exhaustive list and does not show all restrictions and allowances.
| From | 01-Apr-08 | 01-Apr-07 |
| Standard VAT rate | 17.50% | 17.50% |
| Reduced VAT rate | 5% | 5% |
| Taxable Turnover Limits | ||
| Registration - last 12 months or next 30 days over | £67,000 | £64,000 |
| Deregistration - next 12 months under | £65,000 | £62,000 |
| Cash accounting scheme - up to | £1,350,000 | £1,350,000 |
| Optional flat rate scheme - up to | £150,000 | £150,000 |
| Annual accounting scheme - up to | £1,350,000 | £1,350,000 |
If you would like more information on the above rates or Value Added Tax in general, please contact Harrisons Accountancy.
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