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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.
Standard: 20%
Reduced: 5%
Annual Registration Limit (1.4.23 to 31.3.24): £85,000
Annual Deregistration Limit (1.4.23 to 31.3.24): £83,000
All that remains is for me to thank you and your team, particularly Craig, Debbie and Sally. I have received great service and good advice over the last 17 years from you all. I wish you all the best for the future. View More
All that remains is for me to thank you and your team, particularly Craig, Debbie and Sally. I have received great service and good advice over the last 17 years from you all. I wish you all the best for the future.
Thanks for the support so far, that first meeting in the office was incredible, it is clear that you know your stuff and that gave me confidence to work with GRANTS. View More
Thanks for the support so far, that first meeting in the office was incredible, it is clear that you know your stuff and that gave me confidence to work with GRANTS.
Credit especially to Barbara-Ann, Lynne and Jennifer. They have made my life very easy. Will carry on recommending you guys to anyone new to contracting and anyone looking for a change. View More
Credit especially to Barbara-Ann, Lynne and Jennifer. They have made my life very easy. Will carry on recommending you guys to anyone new to contracting and anyone looking for a change.
Can I also please put on record my sincere thanks to you and the rest of the team for your excellent service to date and also providing these accounts so timeously to help us out as we are currently remortgaging. Much appreciated! View More
Can I also please put on record my sincere thanks to you and the rest of the team for your excellent service to date and also providing these accounts so timeously to help us out as we are currently remortgaging. Much appreciated!
Thank you for the continued excellent service you have provided, in particular your quick responses to the many requests for support at short notice that I have sent. View More
Thank you for the continued excellent service you have provided, in particular your quick responses to the many requests for support at short notice that I have sent.