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Value added tax
| From 1 April 2021 | From 1 April 2020 | |
| Standard rate | 20%* | 20% |
| Standard-rate VAT fraction | 1/6 | 1/6 |
| Reduced rate | 5% | 5% |
| Reduced-rate VAT fraction | 1/21 | 1/21 |
| Zero rate | 0% | 0% |
| Registration - last 12 months or next 30 days over | £85,000 | £85,000 |
| Deregistration - next 12 months under | £83,000 | £83,000 |
| Cash accounting scheme - up to | £1.35m | £1.35m |
| Optional flat-rate scheme | ||
| joining up to | £150,000 | £150,000 |
| exiting over | £230,000 | £230,000 |
| Annual accounting scheme - up to | £1.35m | £1.35m |
| Intrastat arrivals threshold | £1.5m | £1.5m |
| Intrastat dispatches threshold | £250,000 | £250,000 |
| EC sales list reporting threshold | nil | nil |
* From 15 July 2020 to 30 September 2021, the standard rate of VAT will be cut from 20% to 5% on supplies of food and non-alcoholic drinks from pubs, restaurants, cafes, and similar premises, as well as supplies of accommodation and admission to attractions across the UK. From 1 October 2021 to 31 March 2022, the standard rate of VAT for these businesses in the leisure and hospitality sectors will be 12.5%.
VAT flat-rate scheme
A business must leave the scheme when turnover increases to more than £230,000. However, a business can remain in the scheme with HMRC's written agreement provided it can be shown that total sales in the following 12 months will be less than £191,500 including VAT.
Cars and your VAT return
VAT fuel scale figures for private use are based on carbon emissions. Please refer here for the scale rate figures for your VAT returns.
It is expected that the standard rate of VAT will remain at 20% until at least after the 2015 General Election.
Cars and your VAT return
VAT scale figures for private use are based on carbon emissions. Please refer here for the scale figures for VAT returns.
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