22 March 2006 Budget Report |
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| From | 1 April 2008 | 1 April 2007 |
| 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 | £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 |
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