What is the standard rate of VAT?
What is the standard rate of VAT?
20%
On 8 July 2020, the government announced that it would introduce a temporary 5% reduced rate of VAT for certain supplies of hospitality, hotel and holiday accommodation and admissions to certain attractions. This cut in the VAT rate from the standard rate of 20% will be effective from 15 July 2020 to 12 January 2021.
When was VAT last at 15%?
1991
The VAT rate remained at 15% until 1991 when the Conservative Chancellor Norman Lamont increased it from 15% to 17.5%.
What are the 3 types of VAT?
VAT: The difference between standard-rated, zero-rated and exempt supplies. There are three categories of supplies that can be made by a VAT vendor: standard-rated, zero-rated and exempt supplies.
What is the best VAT scheme?
5 Useful VAT Schemes for SMEs
- VAT Annual Accounting Scheme. VAT-registered businesses usually hand in their HMRC VAT returns and payments 4 times a year.
- VAT Cash Accounting Scheme.
- VAT Margin Scheme.
- Capital Goods Scheme.
- VAT Retail Schemes.
How much is VAT in UK during Covid?
The temporary cut to the rate of VAT on food, accommodation and entry fees to attractions from 20% to 5%, introduced on 15 July 2020, is extended by Finance Act 2021 until 30 September 2021. An increased reduced rate of 12.5% will apply between 1 October 2021 and 31 March 2022.
What is the standard rate of VAT in the UK?
VAT rates. The standard VAT rate is 20%. The standard rate of VAT increased to 20% on 4 January 2011 (from 17.5%). Some things are exempt from VAT, eg postage stamps, financial and property transactions. The VAT rate businesses charge depends on their goods and services. Check the rates of VAT on different goods and services.
What was the VAT rate in April 2012?
UK VAT Rates From 1 April 2012: Standard Rate: 20%: VAT Fraction: 1/6: Reduced Rate: 5%: Turnover registration limits (Last 12 months or next 30 days) £77,000: Deregistration – next year: £75,000: Cash Accounting Schemes: £1,350,000: Flat Rate Scheme: £150,000
What was the VAT rate in April 2015?
UK VAT Rates From 1 April 2015: Standard Rate: 20%: VAT Fraction: 1/6: Reduced Rate: 5%: Turnover registration limits (Last 12 months or next 30 days) £82,000: Deregistration – next year: £80,000: Cash Accounting Schemes: £1,350,000: Flat Rate Scheme: £150,000
What was the VAT rate for 1 April 2007?
UK VAT Rates From 1 April 2007: Standard Rate: 17.5%: VAT Fraction: 7/47: Reduced Rate: 8% – 5% from 01/09/1997: Turnover registration limits (Last 12 months or next 30 days) £64,000: Deregistration – next year: £62,000: Cash Accounting Schemes: £1,350,000: Flat Rate Scheme: £150,000