VAT Rates


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 12 months under £65,000 £62,000
Cash accounting scheme - up to £1,350,000 £1,350,000
Flat rate scheme - up to £150,000 £150,000
Annual accounting scheme - up to £1,350,000 £1,350,000