tasaccountant.co.uk 

Tax and Accounting Services for SME

VAT Return, Beckenham, Penge, West Wickham

 

Business

  • VAT threshold for small business to remain at £85,000 for two years
  • £500m support for 5G mobile networks, fibre broadband and artificial intelligence
  • £540m to support the growth of electric cars, including more charging points
  • A further £2.3bn allocated for investment in research and development
  • Rises in business rates to be pegged to CPI measure of inflation, not higher RPI
  • Digital economy royalties relating to UK sales which are paid to a low-tax jurisdiction to be subject to income tax as part of tax avoidance clampdown. Expected to raise about £200m a year


VAT Flat rate 

Your flat rate payment will be 14.5% of £1,200, or £174.

VAT flat rates

The VAT flat rate you use depends on your business type. If the rate changes, you must apply the new rate from the date it changes.

If you’re in your first year as a VAT-registered business, reduce the VAT flat rate by 1%. The reduced rate lasts until the day before your registration anniversary.


VAT flat rates

The VAT flat rate you use depends on your business type. If the rate changes, you must apply the new rate from the date it changes.

If you’re in your first year as a VAT-registered business, reduce the VAT flat rate by 1%. The reduced rate lasts until the day before your registration anniversary


Value Added Tax

 Standard rate 20% 

Reduced rate e.g. on domestic fuel 5%

 Registration level from 1/4/17 £85,000 

Deregistration level from 1/4/17 £83,000

Flat rate scheme turnover limit £150,000 

Cash and annual accounting schemes turnover limit £1,350,000