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