INVOICE/CASH ACCOUNTING
FLAT RATE
REGISTRATION & RECORD KEEPING
INVOICE/CASH ACCOUNTING
FLAT RATE
REGISTRATION & RECORD KEEPING
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VAT – or Value Added Tax – is a tax charged on most goods and services in the UK.
There are three rates of VAT which are applied to goods and services. Standard Rate (20%), Reduced Rate (5%) and Zero Rated (0%. Items may also be exempt (or ‘outside the scope’) of VAT (a 0% VAT rate means you can still reclaim costs in your VAT return, but with a VAT-exempt item you can't).
Some examples of goods and services and their VAT rates
Standard Rate | Reduced Rate | Zero Rated | Exempt |
---|---|---|---|
Web Design services | Energy efficiency materials |
Books | Financial services |
Electronics (laptops, phones) | Domestic utilities |
Newspapers | Insurance |
Consultancy | Nicotine patches | Protective clothing |
Lottery tickets |
Photography services | Property renovations | Printing of brochures | Funeral costs |
Software & licenses | Sanitary products | Buying a helicopter | Houseboat moorings |
Most other goods/services | Children’s car seats | Most construction |
Postage stamps |
Taxable Turnover Limits: | |
---|---|
Registration - last 12 months or next 30 days over | £85,000 from 1 April 2017 |
Deregistration - next 12 months under | £83,000 from 1 April 2017 |
Cash accounting scheme - up to | £1,350,000 |
Optional flat rate scheme - up to | £150,000 |
We offer a complete VAT service including preparation
of returns.
VAT Pages ► VAT Summary ■ VAT Rates & Limits ■ VAT Cash Accounting ■ VAT Flat Rate Scheme ■
Registered office: 61 Friar Gate, Derby, Derbyshire, DE1 1DJ T: 01332 202660
Adrian Mooy & Co is the trading name of Adrian Mooy & Co Ltd. Registered in England No. 05770414
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01332 202660
61 Friar Gate Derby DE1 1DJ