Chartered Management Accountants | Milton Keynes
|From 1 April 2019||From 1 April 2018|
|Standard rate VAT fraction||1/6||1/6|
|Reduced rate VAT fraction||1/21||1/21|
|Registration – last 12 months or next 30 days over||£85,000||£85,000|
|Deregistration – next 12 months under||£83,000||£83,000|
|Cash accounting scheme – up to||£1.35m||£1.35m|
|Optional flat rate scheme|
|joining up to||£150,000||£150,000|
|Annual accounting scheme – up to||£1.35m||£1.35m|
|Intrastat arrivals threshold||£1.5m||£1.5m|
|Intrastat dispatches threshold||£250,000||£250,000|
|EC sales list reporting threshold||nil||nil|
A business must leave the scheme when turnover increases to £230,000. However, a business can remain in the scheme with HMRC’s written agreement provided it can be shown that total sales in the following 12 months will be less than £191,500 including VAT.
Cars and your VAT return
VAT scale figues for private use are based on carbon emissions.
VAT scale figures for private use are based on carbon emissions. Please refer here for the scale figures for your VAT returns.
We will address some crucial points on this guide, such as the taxes that need to be paid by landlords and tax-effective property ownership.
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