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VAT

Our Resource Centre provides a summary of some of the essential tax rates, dates and figures for 2012/13.

The Tax Rates Centre are for guidance only and professional advice should be obtained before acting on any information contained as no responsibility can be accepted for loss occasioned as a result of action taken or refrained from in consequence of its contents.

From	4 Jan 2011
Standard rate	20%
VAT fraction	1/6
Reduced rate	5%
Taxable Turnover Limits
Registration - last 12 months or next 30 days over	£77,000 from 1 April 2012
Deregistration - next 12 months under	£75,000 from 1 April 2012
Cash accounting scheme - up to	£1,350,000
Optional flat rate scheme - up to	£150,000
Annual accounting scheme - up to	£1,350,000