Value added tax

	From 1 April 2012	From 1 April 2011
Standard rate	20%	20%
Standard rate VAT fraction	1/6	1/6
Reduced rate	5%	5%
Reduced rate VAT fraction	1/21	1/21
Taxable turnover limits
Registration - last 12 months or next 30 days over	£77,000	£73,000
Deregistration - next 12 months under	£75,000	£71,000
Cash accounting scheme - up to	£1,350,000	£1,350,000
Optional flat rate scheme
- joining up to	£150,000	£150,000
- exiting over	£230,000	£230,000
Annual accounting scheme - up to	£1,350,000	£1,350,000

It is expected that the standard rate of VAT will remain at 20% until 2014.

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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