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Value Added Tax (VAT)

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From 1 April 2015
Standard rate 20%
VAT fraction 1/6
Reduced rate 5%
Current Turnover Limits
Registration last 12 months or next
30 days over
£82,000 from 1 April 2015
Deregistration next 12 months under £80,000 from 1 April 2015
Annual and Cash Accounting Schemes £1,350,000
Flat Rate Scheme £150,000

This Budget Report was prepared immediately after the Chancellor's Budget Statement based on official press releases and supporting documentation. The Budget proposals are subject to amendment before the Finance Act receives Royal Assent. This Report is for guidance only, and professional advice should be obtained before acting on any information contained herein. No responsibility can be accepted by the publishers or the distributors for loss occasioned to any person as a result of action taken or refrained from in consequence of the contents of this publication.