If you are looking at VAT or planning your finances, please feel free to contact us. We can discuss your specific circumstances to help you plan tax efficiently.
| Standard Rate | 20% |
| Reduced Rate | 5% |
| Annual Registration Limit from 01/04/22 - 31/03/23 | £85,000 |
| Annual Deregistration Limit from 01/04/22 - 31/03/23 | £83,000 |
| Scheme Thresholds | Registration Threshold | Deregistration Threshold |
|---|---|---|
| Cash Accounting Scheme | £1,350,000 | £1,600,000 |
| Annual Accounting Scheme | £1,350,000 | £1,600,000 |
*Tourist and hospitality rate 12.5% from 1 October 2021 to 31 March 2022.
Tourist and hospitality rate 12.5% from 1 October 2021 to 31 March 2022.
Businesses with annual taxable turnover of up to £150,000 can register for a Flat Rate Scheme.
They must leave the Flat Rate Scheme once annual taxable turnover exceeds £230,000, or is expected to exceed £230,000 in the next 30 days.
Please contact us for further information.
