VAT

Rates

The VAT rates and thresholds are as follows:

From 1 April 2013 1 April 2014
Lower rate 0% 0%
Reduced rate 5% 5%
Standard rate 20% 20%
Registration turnover £79,000 £81,000
Deregistration turnover £77,000 £79,000
Acquisitions from EU member states, registration and deregistration threshold £79,000 £81,000

Changes from 2014

  • VAT treatment of prompt payment discounts given by suppliers

Changes from 2015

The Government will consult on changes to the VAT rules in the following areas:

  • Zero-rating of work to adapt cars for use by disabled persons
  • VAT avoidance scheme disclosures
  • Reverse charge for buyers of gas and electricity - not domestic customers

Contact us for all your accounting needs

About

Exel accountants is an accountancy firm based in Watford Hertfordshire. Exel accountants are a firm of qualified and experienced accountants specialising in providing accounting and taxation services to new and established businesses.

Contact

Exel Accountancy Ltd
66B, Sydney Road
Watford WD18 7QX
0192 351 7300
info@exelaccountancy.co.uk

IFA

Scroll to Top