2019/20	2020/21
		£	£
VAT
Standard rate		20%	20%
Reduced rate		5%	5%
Zero rate		0%	0%
Flat rate of VAT on gross turnover (for limited cost trader)		16.5%	16.5%
Normal scheme registration threshold		£85,000	£85,000
Deregistration threshold		£83,000	£83,000
Cash accounting scheme – maximum to join		£1,350,000	£1,350,000
Cash accounting scheme – exit threshold		£1,600,000	£1,600,000
Annual accounting scheme – maximum to join		£1,350,000	£1,350,000
Annual accounting scheme – exit threshold		£1,600,000	£1,600,000
Flat-rate scheme – maximum allowed to join		£150,000	£150,000
Flat-rate scheme exit threshold		£230,000	£230,000