- Services
-
Resources
- Business calculators
- Business helpsheets
- The budget
- Tax calendar
- Tax calculators
- Tax helpsheets
- Tax rates & allowances
- Calculators
- Companies house forms
- HMRC forms
- Links
- Pensions and investments - True Potential
- Cloud accounting software - Xero
- HR Revenue and Customs
- HM Treasury
- British Chambers of Commerce
- Companies House
- UK Intellectual Property Office
- Money Claim Online
- ACAS
- Citizens Advice
- Contracts Finder
- Get Safe Online
- Office for National Statistics
- BBC News
- Financial Times Online
- Our team
- About us
- Careers
- Testimonials
Login
IRIS OpenspaceDocument Exchange
IntranetIntranet
IRIS OpenspaceTax Rates - Value Added Tax
Value added tax
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
Latest news
Discover the latest updates and financial insights to stay informed and inspired.
View all-
Business News
BCC calls for industrial strategy that benefits all parts of UK
Nov Tue 26The British Chambers of Commerce (BCC) has called for an industrial strategy that 'brings benefits to businesses and people i…
Read more -
Hot Topics
Boosting the State Pension
Nov Tue 26The State Pension is a key part of retirement planning for many people. Having paid into the system via National Insurance C…
Read more -
Hot Topics
Can apprenticeship overhaul ease skills shortages?
Nov Tue 12The new Labour government has announced an overhaul of the UK's apprenticeship system as it seeks to address the country's …
Read more -
Business News
More than 400,000 student loan customers use digital refund service
Nov Tue 12The Student Loan Company's (SLC) digital refund service has been used by 418,000 customers.
The SLC introduced a new service i…
Read more -
Business News
Business frustrated at halt in rollout of digital trade platform
Nov Mon 11Businesses will be frustrated by the government's decision to pause work on the Single Trade Window, according to the Institu…
Read more -
Business News
Interest rates cut to 4.75%
Nov Fri 8The Bank of England has cut interest rates for the second time this year as expected.
The Bank's Monetary Policy Committee (MP…
Read more -
Business News
Almost half of UK adults have not written a will
Nov Thu 7Nearly half UK of adults have not written a will, nor are they currently in the process of doing so, according to research pu…
Read more -
Business News
Government bank referral scheme 'secured loans for just one in 20 companies'
Nov Wed 6The Treasury's bank referral scheme secured loans for just one in 20 companies, a review has revealed.
Designed to help increa…
Read more -
Business News
Employer NICs rise may have unforeseen consequences
Nov Tue 5The extra costs of the increase in employers' National Insurance contributions (NICs) could cause businesses to respond in wa…
Read more -
Business News
Chancellor's Budget tax increases 'will boost growth sustainably', says IMF
Nov Mon 4Commenting on Chancellor Rachel Reeves' recent Autumn Budget, the International Monetary Fund (IMF) stated the tax increases …
Read more
Bromsgrove
Bromsgrove
Attwoods is proudly based in the historic market town of Bromsgrove, Worcestershire
- 182 Worcester Road
- Bromsgrove
- Worcestershire
- B61 7AZ
Email us[email protected]
Call us01527 874170
Evesham
Evesham
Attwoods is proudly based in the picturesque town of Evesham, Worcestershire; nestled in the heart of the Vale of Evesham
- 90-92 High Street
- Evesham
- Worcestershire
- WR11 4EU
Email us[email protected]
Call us01386 424388
Pershore
Pershore
Attwoods is proudly based in the Georgian market town of Pershore, Worcestershire.
- Perrott House
- 17 Bridge Street
- Pershore
- Worcestershire
- WR10 1AJ
Email us[email protected]
Call us01386 554870
- Xero Logo
- Gold Partner Logo
- Sage
- QuickBooks Platinum
The practices of Attwoods are carried on by Attwoods Accountants Limited, Attwoods Business Services Limited, Attwoods (Bromsgrove) Limited. Regulated for a range of investment business activities by the Association of Chartered Certified Accountants.
© Copyright
2024
Follow us