Value Added Tax
Measures announced in the 2007 Budget
| From |
1 April 2008 |
1 April 2007 |
| Standard rate |
17.5% |
17.5% |
| Standard rate VAT fraction |
7/47 |
7/47 |
| Reduced rate |
5% |
5% |
| Reduced rate VAT fraction |
1/21 |
1/21 |
| Taxable Turnover Limits |
| Registration - last 12 months or next 30 days over |
£67,000 |
£64,000 |
| Deregistration - next 12 months under |
£65,000 |
£62,000 |
| Cash accounting scheme - up to |
£1,350,000 |
£1,350,000 |
| Optional flat rate scheme - up to |
£150,000 |
£150,000 |
| Annual accounting scheme - up to |
£1,350,000 |
£1,350,000 |
