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Value Added Tax

From 1 December 2008 1 January 2010
Standard Rate       15%       17.5%
VAT Fraction        3/23        7/47
Reduced Rate         5%         5%

 

Current Turnover Limits

Registration - Last 12 months or next 30 days over £68,000 (from 1 May 2009)  
Deregistration - next year under £66,000 (from 1 May 2009)  
Annual Accounting Scheme £1,350,000  
Cash Accounting Scheme £1,350,000  
Flat Rate Scheme £150,000