Value Added Tax
Registration level from 01/4/16: £83,000
Standard Rate 20%
Reduced rate, eg on domestic fuel 5%
Flat rate scheme turnover limit £150,000 and threshold to leave more than £230,000
Cash* and annual accounting turnover limit £1,350,000 and threshold to leave more than £1.600,000
*You must register within 30 days of your business turnover exceeding the threshold. If you register late, you must pay what you owe from when you should have registered.