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Once a month we'll send you an email packed full of essential business news and handy tax tips to help save you money.

17 May - HMRC launch special bereavement services
14 May - Last Day for Electricians' Tax Safe Plan
13 May - Agricultural Property Relief Confusion
13 May - HMRC Publishes New IR35 Guidance - Whom Does it Really Help?
12 May - Digital Exclusion - HMRC IS Leaving People Behind Despite Government Assurances, says LITRG
09 May - Tax Barrister Forces HMRC Climb Down on P35 Contractor Question: Just Say No
09 May - Online Sellers have One Month to Register for Tax Opportunity
09 May - RTI Pilot Forges On
09 May - Small Donations to Charities to Qualify for New Top-Up Payments
09 May - Employers' Annual Return Form P35 - Is a Return Actually Due?
06 May - NIC Update May 2012
06 May - Business Property Tax Relief and Holiday Lets
06 May - Editorial: The Proposed General Anti-Avoidance Rule - Will it Really Help?
02 May - Government is being Hypocritical when Dealing with Individuals Through Limited Companies
01 May - HMRC Promotes the Alternative Dispute Resolution Service for Smaller Businesses - Now Online

Value Added Tax

From	4 Jan 2011	1 Jan 2010
Standard Rate	20%	17.5%
VAT fraction	1/6	7/47
Reduced Rate	5%	5%
Taxable Turnover Limits
Registration - last 12 months or next 30 days over	£73,000 from 1 April 2011
Deregistration - next 12 months under	£71,000 from 1 April 2011
Cash accounting scheme - up to	£1,350,000
Optional flat rate scheme - up to	£150,000
Annual accounting scheme - up to	£1,350,000

Where businesses wish to reclaim the input VAT on fuel which has some degree of private use, they must account for output VAT on a scale charge.

The table shows the VAT chargeable for quarters commencing on or after 1 May 2011.

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