| Value Added Tax
| From |
1 April 2007 |
1 April 2006 |
| Standard rate |
17.5% |
17.5% |
| Standard rate VAT fraction |
7/47 |
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 |
£64,000 |
£61,000 |
| Deregistration - next 12 months under |
£62,000 |
£59,000 |
| Cash accounting scheme - up to |
£1,350,000 |
£660,000 |
| Optional flat rate scheme - up to |
£150,000 |
£150,000 |
| Annual accounting scheme - up to |
£1,350,000 |
£1,350,000 |
VAT scale figures for private use are now based on carbon emissions.
That the Government expect to raise £80 billion of its £553 billion tax generating programme from VAT. In the last tax year this tax raised £80 billion. Thus the Government seeks to raise its receipts from VAT by just over 3%.
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