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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% (unchanged from 2016/17)
Reduced: 5% (unchanged from 2016/17)
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05 Feb 2018
HMRC have released the latest list of imaginative excuses made by individuals who failed to submit their self assessment return by 31 January deadline in 2017.
The implementation of Tax-Free Childcare, the new government scheme to help working parents with the cost of childcare, is being rolled out to eligible parents in stages.
HMRC have announced that they have stopped thousands of taxpayers from receiving scam text messages 'with 90 percent of the most convincing texts now halted before they reach their phones'.
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