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Home > > 2008/09 Rates and Allowances > Value Added Tax

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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