Value Added Tax

Written By Nicky Parker
Rate
Standard rate (1/6 of VAT-inclusive price)20%
Registration level - Taxable turnover£85,000 per annum
Deregistration level - Taxable turnover£83,000 per annum
FLAT RATE SCHEME
Annual taxable turnover to enter schemeUp to £150,000
Must leave scheme if annual gross turnoverExceeds £230,000

If using FRS, the VAT paid by the business is a fixed percentage (based on business category) of ‘FRS turnover’ rather than the net of output tax over input tax. Input tax is usually not recoverable.

CASH ACCOUNTING AND ANNUAL ACCOUNTING SCHEMES
Annual taxable turnover to enter schemeUp to £1.35m
Must leave scheme if annual taxable turnoverExceeds £1.6m
Nicky Parker

Hi

I work with SMEs to deliver everything from strategy and planning to a fully outsourced marketing department for those who don’t want to do marketing in house.

Think of me as your Virtual Marketing Director.

As well as building Squarespace websites, we can help you with content, email marketing, blogging and social media as well as traditional marketing too.

We’ll even help you to work out what’s working and what needs fixing too.

I’d love to have a chat if you want some advice on a specific issue, so why not book a free call… https://doodle.com/bp/nickyparker/1-to-1-meeting 

I look forward to talking soon.

https://www.bangconsulting.co.uk
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