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.

The government has frozen the VAT registration and deregistration limits until 1 April 2022.

Rates

Standard: 20% (unchanged from 2019/20)

Reduced: 5% (unchanged from 2019/20)

Limits

Annual Registration Limit (1.4.20 to 31.3.21): £85,000 (unchanged from 2019/20)

Annual Deregistration Limit (1.4.20 to 31.3.21): £83,000 (unchanged from 2019/20)

Address

Graham Associates (International) LTD, 180 Piccadilly, London W1J 9HF
Graham Associates (International) LTD, San Marco House, Craig Yr Eos Road, Ogmore By Sea, South Glamorgan CF32 OPG
Graham Associates (International) LTD, 9595 Wilshire Blvd Suite, 900 PMB #155 Beverly Hills, California 90212

Contact us today!

0207 917 1727

© 2020 Graham Associates (International) LTD. All rights reserved. powered by totalSOLUTION
Registered office address: Graham Associates (International) LTD, 180 Piccadilly, London W1J 9HF

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