Value Added Tax
Measures announced in the 2008 Pre Budget Report
| 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.
2008 PBR
VAT Basics
- An introduction to VAT
- VAT rates
- Bad debt relief
- Recovering VAT on staff expenses
- VAT fuel scale charges
- Recharges to clients and customers
- VAT content card protection plan principles