O'Haras Accountancy

Value Added Tax

VAT

From 1 Dec 2008

From 1 Jan 2010

Standard rate

15%

17.5%

Vat fraction

3/23

7/47

Taxable turnover limits

 From 1 May 2009 From 1 April 2008

Registration – last 12 months or next 30 days over

 £68,000

£67,000

Deregistration – next 12 months under

£66,000

£65,000

Cash accounting scheme

£1,350,000

£1,350,000

Flat rate scheme

£150,000

£150,000

 

taxinfo_imgNote: In relation to the change in vat rate, this has been brought in by the Government for an initial one year period and is effective from 1 December 2008. For any advice on this, please contact us.

This has been written for the general interest of our clients. It is therefore essential to take advice on specific issues. We believe the facts are correct but there may be certain errors and omissions for which we cannot be held responsible.