You are using an outdated browser. Upgrade your browser today for a better experience of this site and many others.
01245 322 006 info@shirleysmithco.co.uk
Turnover limits, VAT on fuel etc.
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
05 Feb 2026
The government must tackle the big issues around trading with the EU this year if it wants to reverse the post-Brexit trade slump, says the British Chambers of Commerce (BCC).
04 Feb 2026
An estimated one million taxpayers missed the self assessment deadline for the 2024/25 tax year, according to HMRC.
03 Feb 2026
The confidence of business leaders in both their own organisations and the wider UK economy rose markedly in January, according to data from the Institute of Directors (IoD).