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VAT Rates
The VAT rates and thresholds are as follows:
| From | 1 April 2019 | 1 April 2020 | 1 April 2021 | 1 April 2022 | 1 April 2023 |
| Lower rate | 0% | 0% | 0% | 0% | 0% |
| Reduced rate | 5% | 5% | 5% | 5% | 5% |
| Standard rate | 20% | 20% | 20% | 20% | 20% |
| Registration turnover | £85,000 | £85,000 | £85,000 | £85,000 | £85,000 |
| Deregistration turnover | £83,000 | £83,000 | £83,000 | £83,000 | £83,000 |
| Acquisitions from EU member states, registration and deregistration threshold | £85,000 | £85,000 | £85,000* | £85,000* | £85,000* |
* From 1 January 2021 this is only relevant for supplies of goods into Northern Ireland.
For the period 15 July 2020 to 30 September 2021 there was a temporary 5% reduced rate of VAT for certain supplies of hospitality, hotel and holiday accommodation, and admissions to certain attractions. From 1 October 2021 to 31 March 2022 these supplies were subject to VAT at 12.5%.
See our helpsheet on the working time and minimum wage regulations.
Chartered Accountants in Richmond, Surrey, The Hughes Consultancy provides a wide range of business, tax, financial planning and business growth services. All of our clients benefit from competitive pricing, our expertise, and unlimited support. Contact us today to learn how we can support you.