VAT

Rates

The VAT rates and thresholds are as follows:

Lower rate
Reduced rate 5%
Standard rate 20%
Registration turnover £85,000
Deregistration turnover £83,000
Acquisitions from EU member states, registration and deregistration threshold £85,000

Making Tax Digital

Making Tax Digital is a key part of the government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs.

Making Tax Digital making the tax system tax administration

  • more effective
  • more efficient
  • easier for taxpayers to get their tax right
  • VAT-registered businesses with a taxable turnover above the VAT threshold (£85,000) are now required to follow the Making Tax Digital rules by keeping digital records and using software to submit their VAT returns.


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    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
    31 The metro Centre,
    Dwight Road,
    Watford, WD18 9SB
    0192 351 7300
    info@exelaccountancy.co.uk
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