The VAT Rates 2013/14 are detailed in the table below:

	From 1 April 2013
Standard rate	20%
Standard rate VAT fraction	1/6
Reduced rate	5%
Reduced rate VAT fraction	1/21
	0%
Taxable turnover limits
Registration – last 12 months or next 30 days over	£79,000
Deregistration – next 12 months under	£77,000
Cash accounting scheme – up to	£1,350,000
Optional flat rate scheme
– joining up to	£150,000
– exiting over	£230,000
Annual accounting scheme – up to	£1,350,000

VAT Rates 2013/14