|From 1 April 2016||From 1 April 2015|
|Standard rate VAT fraction||1/6||1/6|
|Reduced rate VAT fraction||1/21||1/21|
|Registration - last 12 months or next 30 days over||£83,000||£82,000|
|Deregistration - next 12 months under||£81,000||£80,000|
|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|
A business must leave the scheme when turnover increases to £230,000. However, a business can remain in the scheme with HMRC's written agreement provided it can be shown that total sales in the following 12 months will be less than £191,500 including VAT.
Did you know?
The Treasury is expecting to raise £105.4 billion (2015/16 - £101.5 billion) from VAT.
Cars and your VAT return
VAT scale figures for private use are based on carbon emissions. Please refer here for the scale figures for your VAT returns.