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Tax Tables

Value Added Tax

Rates of tax

2024/25

2023/24

2022/23

Standard rate 20% 20% 20%
Reduced rate 5% 5% 5%

Turnover limits

2024/25

2023/24

2022/23

VAT scheme

Registration limit (more than) £90,000 £85,000 £85,000
Deregistration limit (less than) £88,000 £83,000 £83,000

Flat rate scheme

Registration limit (less than) £150,000 £150,000 £150,000
Deregistration limit (more than) £230,000 £230,000 £230,000

Cash accounting scheme

Registration limit (less than) £1,350,000 £1,350,000 £1,350,000
Deregistration limit (more than) £1,600,000 £1,600,000 £1,600,000

Annual accounting scheme

Registration limit (less than) £1,350,000 £1,350,000 £1,350,000
Deregistration limit (more than) £1,600,000 £1,600,000 £1,600,000
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