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Chartered Accountants |
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Value Added Tax (VAT) |
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Registration level |
From
01.04.2012 £77,000 |
From
01.04.2011 £73,000 |
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Deregistration level |
From
01.04.2012 £75,000 |
From
01.04.2011 £71,000 |
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Standard rate from 04.01.2011: 20% |
Standard
rate 01.01.2010 – 03.01.2011: 17.5% |
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Reduced rate, eg on domestic
fuel: 5% |
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Cash and annual accounting turnover limit |
£1,350,000 |
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Flat rate scheme turnover limit |
£150,000 |
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If you are in business and your taxable
turnover reaches, or is likely to reach the registration threshold, you must
register for VAT, or in special circumstances apply to Customs & Excise
for exemption from registration. Following registration you will need to
complete a VAT return online, usually each quarter although there are special
circumstances resulting in monthly or annual returns. We can assist you with matters pertaining
to registration, completion of the VAT returns and any other VAT issues
arising. For copies of
Customs & Excise publications visit www.hmrc.gov.uk |
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Please send
an email to advice@colstonbush.co.uk for further information |
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