VAT Rates for 2017/18

Standard Rate – 20%

Reduced Rate – 5%

VAT Thresholds

If annual turnover is less than –

£85,000 from 01/04/17 – registration not necessary

(£83,000 from 01/04/16 – 31/03/17)

(£82,000 from 01/04/15 – 31/03/16)

£83,000 from 01/04/17 – de-registration possible

(£81,000 from 01/04/16 – 31/03/17)

(£80,000 from 01/04/15 – 31/03/16)

£1,350,000 – eligible to use the Cash Accounting Scheme

£1,350,000 – eligible to use the Annual Accounting Scheme

£150,000 – eligible to use the Flat Rate Scheme