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VAT - RATES & TURNOVER LIMITS

 

INVOICE/CASH ACCOUNTING

FLAT RATE

REGISTRATION & RECORD KEEPING

INVOICE/CASH ACCOUNTING

FLAT RATE

REGISTRATION & RECORD KEEPING

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VAT – or Value Added Tax – is a tax charged on most goods and services in the UK.

There are three rates of VAT which are applied to goods and services. Standard Rate (20%), Reduced Rate (5%) and Zero Rated (0%. Items may also be exempt (or ‘outside the scope’) of VAT (a 0% VAT rate means you can still reclaim costs in your VAT return, but with a VAT-exempt item you can't).

  • Some examples of goods and services and their VAT rates

    Standard Rate Reduced Rate Zero Rated Exempt
    Web Design services Energy efficiency materials
    Books Financial services
    Electronics (laptops, phones) Domestic utilities
    Newspapers Insurance
    Consultancy Nicotine patches Protective clothing
    Lottery tickets
    Photography services Property renovations Printing of brochures Funeral costs
    Software & licenses Sanitary products Buying a helicopter Houseboat moorings
    Most other goods/services Children’s car seats Most construction
    Postage stamps
Taxable Turnover Limits:
Registration - last 12 months or next 30 days over £85,000 from 1 April 2017
Deregistration - next 12 months under £83,000 from 1 April 2017
Cash accounting scheme - up to £1,350,000
Optional flat rate scheme - up to £150,000

We offer a complete VAT service   including preparation

of returns.

Registered office: 61 Friar Gate, Derby, Derbyshire, DE1 1DJ

Adrian Mooy & Co is the trading name of Adrian Mooy & Co Ltd.  Registered in England No. 05770414

Registered to carry out audit work by the Association of Chartered Certified Accountants - auditregister.org.uk 8011438

       Services

Member of the Association of Chartered Certified Accountants
Phone

01332 202660

61 Friar Gate - Derby - DE1 1DJ

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