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Value Added Tax

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.

Cars and your VAT return

VAT scale figures for private use are now based on carbon emissions. Please refer here for the scale figures for one month, three month, and annual VAT returns.

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.