McGovern Accountancy Ltd
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VAT 

There are different rates of VAT that apply to different types of goods and services. And there are some goods and services that are exempt from VAT.

There are three UK VAT rates:
  • standard rate  - 20%
  • reduced rate   - 5%
  • zero rate         - 0%

The rates of VAT may change from time to time - the changes are usually announced in the Budget. So you'll need to check regularly to make sure you're using the correct VAT rates.

VAT registration threshold

If you're in business, you must register for VAT if your VAT taxable turnover for the previous 12 months is more than £85,000. This figure is known as the VAT registration threshold. The threshold changes - usually once a year announced in the Budget - so you should regularly check your turnover against the current threshold.

You must also register for VAT if either of the following applies:
  • you think your VAT taxable turnover may go over the threshold in the next 30 days alone
  • you take over a VAT–registered business as a going concern. 
WE WOULD LOVE TO HAVE YOU VISIT SOON !!

Hours

M-F:9am - 5pm

Telephone

Email

028 3088 8375 
pauline@mcgaccountancy.com

  • Home
  • About Us
  • Our Services
    • Payroll & Human Resources
    • Company Secretarial and Corporate Compliance Services
    • Individuals & SME's
    • Agriculture
    • Not For Profit
    • Health Care
  • Resources
    • Income Tax Rates and Taxable Bands
    • Corporate Tax Rates
    • Capital Gains Tax
    • VAT
    • Statutory Sick Pay and Statutory Maternity Pay
    • Holiday Entitlements
  • Contact Us