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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