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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%
Reduced: 5%
Annual Registration Limit (1.4.25 to 31.3.26): £90,000
Annual Deregistration Limit (1.4.25 to 31.3.26): £88,000
The Old Vicarage, Church Close, Boston, Lincolnshire PE21 6NA
Tel: 01205 311966
Email: Boston@dextersharpe.co.uk
Rollestone House, Bridge Street, Horncastle, Lincolnshire LN9 5HZ
Tel: 01507 526071
Email: Horncastle@dextersharpe.co.uk
1 Eastgate, Louth, Lincolnshire LN11 9NB
Tel: 01507 609933
Email: Louth@dextersharpe.co.uk
10/12 The Terrace, Spilsby, Lincolnshire PE23 5JR
Tel: 01790 753340
Email: Spilsby@dextersharpe.co.uk
Commerce House, 18 West Street, Bourne, Lincolnshire PE10 9NE
Tel: 01778 393656
Email: Bourne@dextersharpe.co.uk
Landmark House, 1 Riseholme Road, Lincoln, Lincolnshire LN1 3SN
Tel: 01522 533588
Email: Info@dextersharpelincoln.co.uk
26 Ida Road, Skegness, Lincolnshire PE25 2AR
Tel: 01754 763222
Email: Skegness@dextersharpe.co.uk