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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.