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%*

* 12.5% for hospitality and tourism from 1 October 2021 to 31 March 2022.

Limits

Annual Registration Limit (1.4.22 to 31.3.23): £85,000

Annual Deregistration Limit (1.4.22 to 31.3.23): £83,000

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Address

Anavrin Limited, 113 Altwood Road, Maidenhead, Berkshire SL6 4QD

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01628 671867 - info@anavrin.co.uk

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Company Reg No 5249733, Registered in England & Wales. VAT No 838 6323 07.

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