Basic Guide to VAT

VAT, or Value Added Tax is a tax charged to most businesses and consumers who purchase goods and services. Our table below shows the main changes to Standard Rate VAT :-

Other VAT Rates & Limits

If you own a business you should be aware that there are registration limits in place where if a certain amount of turnover is exceeded you are required to register for VAT.Please also bear in mind that these limits are assessed on a twelve month rolling basis so we would suggest that you put in place some method of continually checking if VAT registration is necessary.This is only a very basic guide to general VAT. For a more detailed resource please visit HMRC : Introduction to VAT.

If you have any VAT related questions then please leave them in the comments.