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Value Added Tax PDF Print
From 1 December 2008 to 31 December 2009 1 April 2008 to 30 November 2008
Standard rate 15% 17.5%
Standard rate VAT fraction 3/23 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 £67,000
Deregistration - next 12 months under £65,000 £65,000
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

The 2008 Pre Budget Report reduced the standard rate of VAT to 15% for a period of 13 months.

Did you know?

That the Government expect to raise 83 billion in VAT. This represents an increase of 3% compared to the estimated yield of 80.5 billion in the last tax year.

 

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