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Call us on - 028 9038 2637
E-mail - accountants@michaelhunterandcompany.co.uk

Value Added Tax (VAT)

Current rates and turnover limits.

Call: 028 9038 2637 or Email: accountants@michaelhunterandcompany.co.uk

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 Spring Budget Latest Autumn Statement Current Tax Rates