What was the VAT rate in 2013?

20%
VAT rate rises from 17.5% to 20%

What was the UK VAT rate in 2012?

VAT rates

	A	E
43	2012-13	£77,000
44
45
46

What is the threshold for VAT 2020?

£85,000
The UK’s VAT registration threshold (above which persons making taxable supplies are required to register and account for VAT) is currently set at £85,000, although businesses can opt to register voluntarily if their taxable turnover is below this.

What is the VAT threshold?

You must register for VAT if your VAT taxable turnover goes over £85,000 (the ‘threshold’), or you know that it will. Your VAT taxable turnover is the total of everything sold that is not VAT exempt. You can also register voluntarily.

What qualifies for reduced rate VAT?

The reduced rate of VAT will apply to: hot / cold food and non-alcoholic beverages for consumption on the business premises, for example, cafes, restaurants and pubs. Cold takeaway food continues to be subject to VAT at 20% or 0% under the existing rules. hot takeaway food and hot takeaway non-alcoholic drinks.

What was the VAT rate in 2015?

Value Added Tax

From	1 April 2015
Standard rate	20%
VAT fraction	1/6
Reduced rate	5%
Taxable Turnover Limits

What is the threshold for VAT registration?

How is the VAT threshold calculated?

So what is VATable turnover? VATable turnover is calculated by looking at your total supplies which would be standard, reduced or zero-rated supplies if you were VAT registered.

Are there any changes to the VAT registration and deregistration thresholds?

This supplement confirms no changes to the VAT registration and deregistration thresholds as announced in the Budget 2018. 2. Registration limits – taxable supplies The current registration threshold for taxable supplies is £85,000.

What is a compulsory VAT registration?

Compulsory registration. You must register for VAT if: you expect your VAT taxable turnover to be more than £85,000 in the next 30-day period. your business had a VAT taxable turnover of more than £85,000 over the last 12 months.

What is the UK registration threshold for taxable supplies?

The current registration threshold for taxable supplies is £85,000. Since 1 December 2012, the standard UK registration threshold has not been available to non-established taxable persons ( NETPs ). If you’re an NETP, you must register for VAT if you make any taxable supplies in the UK.

How do I get an exception to the VAT threshold?

You can apply for a registration ‘exception’ if your taxable turnover goes over the threshold temporarily. Write to HMRC with evidence showing why you believe your VAT taxable turnover will not go over the deregistration threshold of £83,000 in the next 12 months.