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Value Added Tax (VAT)

The rates for 2018/19 are as follows:

From 1 April 2018
Standard rate 20%
VAT fraction 1/6
Reduced rate 5%
Turnover Limits
Registration - last 12 months or next 30 days over £85,000
Deregistration - next 12 months under £83,000
Annual and Cash Accounting Scheme £1,350,000
Flat Rate Scheme £150,000

The VAT registration and deregistration thresholds will not be uprated for a period of two years. The two year period ends on 31 March 2020.

Online VAT fraud

The government will legislate to extend HMRC's powers to hold online marketplaces jointly and severally liable for the unpaid VAT of overseas traders on their platforms to include all (including UK) traders.

Online marketplaces will be required to ensure that VAT numbers displayed for businesses operating on their website are valid. They will also be required to display a valid VAT number when they are provided with one by a business operating on their platform.

Registered to carry out work in England and Wales and regulated for a range of investment business activities by the Institute of Chartered Accountants in England & Wales.

Details about our audit registration can be viewed at www.auditregister.org.uk for the UK under reference number C006856925

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Greenaway Chartered Accountants, 150 High Street, Sevenoaks, Kent TN13 1XE

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