Value Added Tax |
| From |
|
1 April 2008 |
1 April 2007 |
| Standard Rate |
|
17.5% |
17.5% |
| VAT Fraction |
|
7/47 |
7/47 |
| Reduced Rate |
|
5% |
5% |
| Taxable Turnover Limits |
|
|
|
| Registration |
- last 12 months or next 30 days over |
£67,000 |
£64,000 |
| Deregistration |
- next year under |
£65,000 |
£62,000 |
| Annual Accounting Scheme |
|
£1,350,000 |
£1,350,000 |
| Cash Accounting Scheme |
|
£1,350,000 |
£1,350,000 |
| Flat Rate Scheme |
|
£150,000 |
£150,000 | |
|
|
|
|
