Value Added Tax
| 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 year under | £65,000 | £62,000 |
| Annual Accounting Scheme | £1,350,000 | £1,350,000 |
| Cash Accounting Scheme | £1,350,000 | £1,350,000 |
| Flat Rate Scheme | £150,000 | £150,000 |
© 2008 Mitchell Gordon