VAT Rates for 2015/16

Standard Rate – 20%

Reduced Rate – 5%

VAT Thresholds

If annual turnover is less than –

£82,000 from 01/04/15 – registration not necessary

(£81,000 from 01/04/14 – 31/03/15)

£80,000 from 01/04/15 – de-registration possible

(£79,000 from 01/04/14 – 31/03/15)

£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