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Krogh & Partners Limited
 
Your auditor, accountant and advisor in the United Kingdom
Value Added Tax





Standard rate (1/6 of VAT-inclusive price)   

20%
Registration level from 1.4.17
85,000
per annum
Deregistration level from 1.4.17
83,000
per annum



Flat rate scheme (FRS)


Annual taxable turnover to enter scheme

Up to 150,000
Must leave scheme if annual taxable turnover

Exceeds 230,000



If using FRS, the VAT paid by the business is a fixed percentage (based on business category) of 'FRS turnover' rather than the net of output tax over input tax. Input tax is usually not recoverable.

Cash accounting and Annual accounting schemes
Annual taxable turnover to enter scheme
Up to
1.35m
Must leave scheme if annual taxable turnover
Exceeds
1.60m

Option to tax property
Notify HMRC within 30 days.


Tax rates

Tax rates 2016/17
Income Tax
Annual investment limits
Vehicle Benefit
Tax free mileage allowances
National Insurance Contributions
Pension contributions
Inheritance Tax
Value Added Tax
Capital Gains Tax
Corporation Tax
Main capital allowances
Property Taxes
Key dates and deadlines
Useful rates