Value added tax
Measures announced in the 2009 Pre Budget Report
| From |
1 May 2009 to 31 December 2009 |
From 1 January 2010 |
| 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 |
£68,000 |
£68,000 |
| Deregistration - next 12 months under |
£66,000 |
£66,000 |
| 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 |
