Value added tax

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

Call 028 90 381755 or email info@bmkca.com

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 for two years from 1 April 2018.

Rates

Standard: 20% (unchanged from 2018/19)

Reduced: 5% (unchanged from 2018/19)

Limits

Annual Registration Limit (1.4.19 to 31.3.20): £85,000 (unchanged from 2018/19)

Annual Deregistration Limit (1.4.19 to 31.3.20): £83,000 (unchanged from 2018/19)

About our team

As well as general accountancy, audit and tax skills, we also have individual specialist skills which enable us to provide clients with a first class service as and when required. With our wealth of experience we pride ourselves on delivering an unparalleled service to all clients, what ever their size or sector.

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Contact Details

Please call:
028 90 381755

BMK Chartered Accountants, 43 Lockview Road, Belfast, Northern Ireland BT9 5FJ

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Director: Brian McKee, ACA
T Murphy & Co is the trading name of BMK Accounting Limited (Co. No. NI632272)
Registered Office : BMK Chartered Accountants, 43 Lockview Road, Belfast, Northern Ireland BT9 5FJ
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