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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
07 Aug 2025
President Trump's decision to charge import duties for low value goods entering the US is a major blow to the UK's SME exporters, says the British Chambers of Commerce (BCC).
06 Aug 2025
Companies House is to roll out compulsory identity verification for company directors and people with significant control (PSCs) to help combat fraud and so-called phoenix companies.
05 Aug 2025
Economic confidence amongst the UK's business leaders has dropped to an all-time low, according to data from the Institute of Directors (IoD).
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