Value Added Tax
| 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 |
VAT scale figures for private use are now based on carbon emissions. Please refer here for the scale figures for one month, three month, and annual VAT returns.
Did you know?
That the Government expect to raise £83.8 billion in VAT. This represents an increase of 4% compared to the estimated yield of £80.5 billion in the last tax year.
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