Budget Report

From                                                                                           01 April 2016
Standard rate                                                                            20%
VAT fraction                                                                                1/6
Reduced rate                                                                              5%


Current Turnover Limits

Registration – last 12 months or next 30 days over        £83,000 from 1 April 2016
Deregistration – next 12 months under                             £81,000 from 1 April 2016
Annual and Cash Accounting Scheme                                 £1,350,000
Flat Rate Scheme                                                                       £150,000