Value Added Tax (VAT)

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.

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Davis Bonley, Northside House, Mount Pleasant, Barnet, Hertfordshire EN4 9EE , Davis Bonley is a trading name of Davis Bonley Limited, Northside House, Mount Pleasant, Barnet, Herts EN4 9EE. Company registration number 08989322. Regulated as auditors and regulated for a range of investment business activities by the Association of Chartered Certified Accountants. Awarded approved employer status for Association of Chartered Certified Accountants trainee and practising certificate development.

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