Value added tax

The current VAT percentages and the annual registration and deregistration thresholds.

Call 02892528710 or email hello@cartmillstewart.co.uk

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.

The government has frozen the VAT registration and deregistration limits until 1 April 2022.

Rates

Standard: 20%

Reduced: 5%*

* 12.5% for hospitality and tourism from 1 October 2021 to 31 March 2022.

Limits

Annual Registration Limit (1.4.21 to 31.3.22): £85,000

Annual Deregistration Limit (1.4.21 to 31.3.22): £83,000

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Cartmill Stewart & Co., Chartered Accountants was established in 2014 and today, we continue to build on our enviable reputation for providing excellent advice and first class service to our business and personal clients alike.

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Contact Details

02892528710

Lisburn Office (Head Office)
Cartmill Stewart & Co, House of Vic-Ryn, Moira Road, Lisburn, Co. Antrim, BT28 2RF
Banbridge Office
Cartmill Stewart & Co, 84 Halfway Road, Banbridge, Co. Down, BT32 4HB

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Cartmill Stewart & Co. is the trading style of Cartmill Stewart & Co LLP.
Registered in Northern Ireland under LLP No. NC001219.
Registered Office: 84 Halfway Road, Banbridge, Co. Down, BT32 4HB.

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