Legislation will be introduced for simplification of the option to tax land and/or buildings.
It will also introduce minor changes to enable taxpayers to revoke an option to tax after 20 years and make a number of associated changes to improve practical administration of the option to tax.
The rewritten legislation will take effect from 1 June 2008.
The earliest date an option to tax will be revocable is 1 August 2009.
Correction of Errors
New limits will apply, for a number of taxes including VAT, from 1 July 2008 for the correction of errors in the return for the period in which the error is discovered.
Value Added Tax Rates and Thresholds
|
from
|
1 April 2008
|
1 April 2007
|
|
Standard Rate
|
17.5%
|
17.5%
|
|
VAT Fraction (Turnover)
|
7/47
|
7/47
|
|
Registration - last 12 months or next 30 days over
|
£67,000
|
£67,000
|
|
Deregistration - next 12 months under
|
£65,000
|
£62,000
|
|
Cash and Annual Accounting Schemes - up to
|
£1,350,000
|
£1,350,000
|
|
Optional Flat-rate Scheme up to
|
£150,000
|
£150,000
|
