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22 March 2006 Budget Report

Budget Report Logo
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 £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

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