Budget 2011 – Annual tax rates and allowances

Value Added Tax - GT

Value Added Tax

Rates
For transactions after 3 January 2011
Standard 20% Reduced 5% Zero 0%
For transactions between 1 January 2010 and 3 January 2011
Standard 17½% Reduced 5% Zero 0%


Annual registration and de-registration thresholds
  From 1 April 2011 From 1 April 2010
Registration £73,000 £70,000
De-registration £71,000 £68,000
Cash accounting scheme £1,350,000 £1,350,000
Annual accounting scheme £1,350,000 £1,359,000
Flat rate schemes1 £150,000 £150,000

1 Separate scheme available for farmers (no turnover limit).

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