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Value Added Tax
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Value Added Tax
|
Rates of Tax |
2021/22 |
2020/21 |
2019/20 |
|
Standard rate |
20% |
20% |
20% |
|
Reduced rate |
5% |
5% |
5% |
|
|
|
|
|
|
Turnover limits |
2021/22 |
2020/21 |
2019/20 |
|
VAT scheme |
|
|
|
|
Registration limit (more than) |
£85,000 |
£85,000 |
£85,000 |
|
Deregistration limit (less than) |
£83,000 |
£83,000 |
£83,000 |
|
Flat rate scheme |
|
|
|
|
Registration limit (less than) |
£150,000 |
£150,000 |
£150,000 |
|
Deregistration limit (more than) |
£230,000 |
£230,000 |
£230,000 |
|
Cash accounting scheme |
|
|
|
|
Registration limit (less than) |
£1,350,000 |
£1,350,000 |
£1,350,000 |
|
Deregistration limit (more than) |
£1,600,000 |
£1,600,000 |
£1,600,000 |
|
Annual accounting scheme |
|
|
|
|
Registration limit (less than) |
£1,350,000 |
£1,350,000 |
£1,350,000 |
|
Deregistration limit (more than) |
£1,600,000 |
£1,600,000 |
£1,600,000 |