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The current VAT percentages and the annual registration and deregistration thresholds.
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.
Standard: 20%
Reduced: 5%
Annual Registration Limit (1.4.23 to 31.3.24): £85,000
Annual Deregistration Limit (1.4.23 to 31.3.24): £83,000
“As a growing and ambitious business it is essential that our support network can keep up with our evolving requirements. Following a recommendation, Mudd have supported us from the outset and we are delighted with the multiple services that we receive; from day to day accounting support to expert business advice, ideas and strategic direction. Our future is looking brighter than ever or dare I say Lux!” Rating: M Cumber Lux Electrical Contractors Ltd, Lux Lighting,
“As a growing and ambitious business it is essential that our support network can keep up with our evolving requirements. Following a recommendation, Mudd have supported us from the outset and we are delighted with the multiple services that we receive; from day to day accounting support to expert business advice, ideas and strategic direction.
Our future is looking brighter than ever or dare I say Lux!”
Rating:
M Cumber Lux Electrical Contractors Ltd, Lux Lighting,
“I would like to thank Mark Wright and his team for their wonderful support and expertise over the past twelve months. I found the need for an accountant due to unforeseen complications arising from a HMRC investigation. Mudd were recommended by a close friend and were appointed to liaise with HMRC on my behalf. I could not have felt in more capable hands during what was a very anxious period. Their experience was comforting to me when matters appeared to be getting out of hand and their professionalism and conviction were instrumental to my defence. Rating: BJH, Kensington
“I would like to thank Mark Wright and his team for their wonderful support and expertise over the past twelve months.
I found the need for an accountant due to unforeseen complications arising from a HMRC investigation. Mudd were recommended by a close friend and were appointed to liaise with HMRC on my behalf.
I could not have felt in more capable hands during what was a very anxious period. Their experience was comforting to me when matters appeared to be getting out of hand and their professionalism and conviction were instrumental to my defence.
BJH, Kensington
“We sought an independent accountant to examine and report on our grant application. Mudd were recommended to us amongst other firms but quickly demonstrated their experience by explaining the process and agreeing a fixed fee for peace of mind. The whole process was conducted in an efficient and professional manner, including the timely delivery of their report. We will use again in future and happily recommend.” Rating: R Donnelly Copper Clothing Ltd
“We sought an independent accountant to examine and report on our grant application. Mudd were recommended to us amongst other firms but quickly demonstrated their experience by explaining the process and agreeing a fixed fee for peace of mind. The whole process was conducted in an efficient and professional manner, including the timely delivery of their report. We will use again in future and happily recommend.”
R Donnelly Copper Clothing Ltd
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