| VAT Rates | April 2024/2025 | April 2023/2024 |
|---|---|---|
| Standard Rate | 20% | 20% |
| VAT Fraction | 1/6 | 1/6 |
| Reduced Rate | 5% | 5% |
| Zero Rate | 0% | 0% |
| Temporary reduced rate for hospitality and tourism sector | 20% | 20% |
| Taxable Turnover Limits | Amounts | |
| Registration - from 1April 2024 | £90,000 | £85,000 |
| Deregistration - from 1 Aperil 2024 | £88,000 | £83,000 |
| To join Cash accounting scheme - up to | £1,350,000 | £1,350,000 |
| To leave Cash accounting scheme - more than | £1,600,000 | £1,600,000 |
| To join Optional flat rate scheme - up to | £150,000 | £150,000 |
| To leave Optional flat rate scheme - more than | £230,000 | £230,000 |
| To join Annual accounting scheme - up to | £1,350,000 | £1,350,000 |
| To leave Annual accounting scheme - more than | £1,600,000 | £1,600,000 |
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