Value added tax

The current VAT percentages and the annual registration and deregistration thresholds.

Registered businesses charge Value Added Tax (VAT) on their sales. This is known as output VAT and the sales are referred to as outputs.

Similarly VAT is charged on most goods and services purchased by the business. This is known as input VAT.

There are three rates: standard which applies to most goods and services, reduced rate for some goods and services such as home energy and zero rate goods and services, for example, most food and children's clothes.

Some supplies are exempt from VAT for example postage stamps, financial and insurance transactions.

A business is required to register for VAT if the value of taxable supplies exceeds the annual registration limit.

Rates

Standard: 20%

Reduced: 5%

Limits

Annual Registration Limit (1.4.23 to 31.3.24): £85,000

Annual Deregistration Limit (1.4.23 to 31.3.24): £83,000

Home | Contact us | Site map | Accessibility | Disclaimer | Help | Privacy Policy |

© 2024 Millet Accountants Ltd. All rights reserved.

Millet Accountants Ltd, Beyond Aldgate Tower, 2 Leman Street, London, E1 8FA

Millet is the trading name for Millet Accountants Ltd.
Registered office: Beyond Aldgate Tower, 2 Leman Street, London E1 8FA
Registered in England and Wales, Company number 07950802
A firm of Chartered Accountants registered to carry on audit in the UK by the Institute of Chartered Accountants in England and Wales.
Director: Andrew Millet BA MBA FCA

powered by totalSOLUTION

We use cookies on this website, you can find more information about cookies here.