#how much is vat

[georgeshutcheson]

What is the current UK VAT rate?

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What is the current UK VAT rate?

Are you curious about the current UK VAT rate? Wonder no more! In this informative article, we will shed light on just how much VAT you can expect to pay in the UK. Whether you’re a resident or planning a visit, understanding the current VAT rate is essential for staying informed about your financial obligations. So, let’s jump right in and explore what the current UK VAT rate entails.

Standard VAT Rate

Standard rate

The current standard VAT rate in the UK is 20%. This means that most goods and services are subject to this rate, and it is the rate that individuals and businesses need to charge when they make sales.

Previous rates

In the past, the standard VAT rate in the UK has undergone several changes. From 1973 to 1991, the rate stood at 8%. It was then increased to 17.5% and remained at that level until 2010 when it was increased to the current rate of 20%. These changes in rates were made to align with economic conditions and government policies.

Possible changes

It is important to note that the standard VAT rate is subject to change in response to various factors such as economic conditions, government decisions, and legislative changes. All businesses and individuals should stay informed about potential changes to ensure compliance with VAT regulations.

Reduced VAT Rate

Current rate

The reduced VAT rate in the UK is currently 5%. This rate applies to specific goods and services that are considered essential or of social importance. It is lower than the standard rate and aims to make these goods and services more affordable for consumers.

Eligible goods and services

The reduced VAT rate applies to a range of goods and services, including:

Energy-saving materials for residential accommodation

Sanitary products

Children’s car seats

Mobility aids for the elderly and disabled

Domestic fuel and power (limited to a certain usage threshold)

Renovation and alteration of residential properties (for individuals aged 60 and above or those with certain disabilities)

Zero-Rated VAT

Explanation

Zero-rated VAT refers to goods and services that are subject to VAT but at a rate of 0%. This means that although VAT is still applicable, no tax is charged on these goods and services. Zero-rated VAT is different from exempt VAT, as exempt items are not subject to VAT at all.

Eligible goods and services

Some examples of goods and services that fall under zero-rated VAT in the UK include:

Books, newspapers, and magazines (excluding e-books and online publications)

Children’s clothing and footwear

Prescription medications and medical equipment

Public transport fares

Exports to non-EU countries

Exempt VAT

Explanation

Exempt VAT refers to goods and services that are not subject to VAT at all. This means that no VAT is charged, and businesses cannot reclaim any input VAT related to these exempt items. Exempt VAT is different from zero-rated VAT, as the latter still involves VAT at a 0% rate.

Eligible goods and services

Some examples of goods and services that are exempt from VAT in the UK include:

Education and training provided by eligible institutions

Insurance and finance services

Health and welfare services provided by charities

Betting, gaming, and lottery services

Postage stamps and postal services

VAT Registration

When to register

Businesses in the UK must register for VAT with HM Revenue and Customs (HMRC) if their taxable turnover exceeds the VAT registration threshold. As of 2021, the threshold is £85,000, but businesses can choose to voluntarily register even if their turnover is below this amount.

  Thresholds

The VAT registration threshold is reviewed regularly and may change in response to economic conditions or government decisions. It is essential for businesses to monitor updates and ensure compliance with the registration requirements based on their turnover.

Voluntary registration

Even if a business’s turnover is below the VAT registration threshold, they can choose to register for VAT voluntarily. This may be advantageous for businesses that want to reclaim VAT on their purchases and present themselves as VAT registered to customers, potentially increasing their credibility and market presence.

VAT Return

Filing requirements

Businesses registered for VAT in the UK are required to submit VAT returns to HMRC. A VAT return summarizes the VAT charged on sales and the VAT paid on purchases during a specific period. It is essential to accurately record and calculate VAT to ensure correct reporting in the VAT return.

Deadlines

The deadlines for submitting VAT returns and paying any VAT due vary based on the type of business and the chosen VAT accounting scheme. Generally, businesses are required to submit their VAT returns and make payment within one month and seven days after the end of the VAT return period.

Penalties for non-compliance

Non-compliance with VAT return filing and payment requirements can lead to penalties imposed by HMRC. It is crucial to submit VAT returns on time, ensure accuracy in reporting, and make timely VAT payments to avoid potential penalties and unnecessary complications.

VAT Invoices

  Requirements

VAT invoices are essential documents for businesses registered for VAT. There are specific requirements that must be met when issuing VAT invoices. These include:

Including the words “VAT Invoice” on the document

Including the business’s name, address, and VAT registration number

Providing a unique identification number for the invoice

Clearly stating the date of supply, type of supply, and VAT amount

Contents

VAT invoices must contain essential information related to the supply of goods or services, including:

Description and quantity of goods or services provided

Unit price and total amount charged

VAT rate applied and the amount of VAT charged

Customer’s details, including their name and address

Issuing and retaining

Businesses must issue VAT invoices to customers for every taxable supply made. It is crucial to retain copies of these invoices for a minimum of six years to comply with HMRC’s record-keeping requirements. Proper invoice management ensures transparency and facilitates accurate VAT reporting.

[shaykai]

Perpetuate the cycle

[fandom-hoard]

The Joker calling himself Jason's "mommy" is so unhinged, and makes so much sense in a Joker-logic way that I love it.

"There's that kid who I killed- and who's biological mother I also killed."

"So basically I made him the man he is today."

"Awww, and how sweet. He even took my maiden name. Red Hood- it's a family name now."

[stardustdiver]

i have conquered the evil wet box

i hate the evil wet box

i feel like i need a treat now

[chiropteracupola]

but still I keep your hand, as a precious souvenir...

[iamthepulta]

I was supposed to talk about Lustrum hours processing once upon a time, wasn't I?

[catboii]

((Wishing every [non-GMT+0] a very [time of day]

[sheliesshattered]

I think my tastes must just vary wildly from most people's, but I feel like the last several fanfics I've read have gone on for five or six chapters too many. I'll take an open-ended happy ending over wading through 15k+ words of a dense cloud of cotton candy overly sweet denouement in which every aspect of their perfect life together is explained in excruciating detail, and pet-names and 'I love you's are exchanged every other paragraph

[flailingart]

every item of clothing here is stolen

read more for a little vatty lore :)

Vatyra's half Skaragg. That's a whole story on it's own, let's say for now that it hasn't done her any favors. She meets Lishari and suddenly Vat wants to grab everything green. It's not solidarity for Nehrim, it's solidarity for their heritage and shared creator cult bullshit. They drink together a lot.

You remember the godawful 'madame/myser deLuna' clothes right? turns out with enough dirt and roughing up, parts of it can be nearly salvageable.

Vat spends most of her 'free time' either in ark's market or at the docks. She's a decent ship hand, after all she was a pirate before she fled Nehrim. No one has to know that though. She's not ashamed of it, not in the slightest-- you just don't go showing your entire hand to everyone you meet, yea?

As much as she loves the sun, she's drawn to the Undercity like a moth to flame. It takes her no time to find the Silver Cloud and the Dust Pit, and even less to make herself a regular at both establishments. It does her no favors that she shares her name with The One and Only Vatyra, so most people think she's giving a really bad fake name when she meets them. She takes it with audacity and stride when she finally enters the Dust Pit as a competitor, strumming out her name sake's song on a 'borrowed' lute.

It's.... certainly something no one forgets.

[environmentavegan]

I feel like every few years there's some huge issue that causes mass recalls or extremely escalated prices having to do with animal products. it's almost as if there's fundamental problems with the system and how we produce food

[1ore]

is "i am a body" training wheels for "i am an organ?" butch it might be 🤔

[cavaliersecondary]

think i kind of hate m/cr now actually.

[coldflasher]

i know im always dragging americans all the time and im sorry but how are so many ppl on twitter so baffled and angry that in other countries, you pay for your drinks individually when you order them instead of opening a tab 

like. okay well i could do what you guys do and GIVE THE BARTENDER MY CARD and potentially have it stolen, like an insane person, or i could just. buy my drink and pay for it at the same time?? 

[bread-making-vikings]

I posted 19,736 times in 2022

That's 133 more posts than 2021!

139 posts created (1%)

19,597 posts reblogged (99%)

Blogs I reblogged the most:

@moresavagethanpreviouslythought

@jumezat

@sp1c3-r4ck-synd1c4t3

@totallynotwaffle

@fantasymind231

I tagged 1,419 of my posts in 2022

#regicide - 84 posts

#eurovision - 67 posts

#esc 22 - 65 posts

#villification - 35 posts

#goncharov - 29 posts

#unreality - 28 posts

#if i miss loads and ur annoyed enough send me the post + i'll tag - 21 posts

#might miss some and might get some unrelated ones by mistake - 21 posts

#going back and tagging a bunch - 21 posts

#bugs - 19 posts

Longest Tag: 140 characters

#massacred by the squirrels you're probably the kinda person who wants to pick up wild animals and take them home. you should probably not do

My Top Posts in 2022:

#5

mika pan flag

111 notes - Posted May 12, 2022

#4

feel like pure shit just want to immerse myself in the crimson peak vat

771 notes - Posted August 2, 2022

#3

998 notes - Posted August 5, 2022

#2

8,674 notes - Posted June 18, 2022

My #1 post of 2022

26,597 notes - Posted June 27, 2022

Get your Tumblr 2022 Year in Review →

[codexxgigas]

Started out as helping hands at this job but now i've somehow collected every single responsibility. How did i get here and how do i get out

[ladytemeraire]

So OBVIOUSLY I love this AU for everything it is; Luke and Leia grow up with two dozen overprotective uncles, this is how it would have gone down in a softer, kinder universe and you cannot convince me otherwise, BUT ALSO:

Rex canonically survived and made it to Endor.

A remnant of the 501st survived to the same era as Anakin's children.

So please please please imagine him getting to actually interact with the twins.

Please imagine him hearing the name Skywalker and having to sit down and put his head in his hands and just breathe, because something of his General survived the war and the purges and the Empire and is here, now, living and breathing and thriving and standing in the Light despite everything.

(Luke is an ace pilot with a lightsaber on his hip, and Leia is a diplomat who commands the respect of an army, and Rex hears their name and connects the dots and the only thought ringing through his mind is your parents would be so proud.)

Please imagine them calling him Uncle Rex.

(Luke, I think, would do this basically immediately, because he grew up with an Aunt and an Uncle and Old Ben instead of a mother and father, and he loves and loves and loves and wouldn't hesitate to say Uncle Rex without a second thought because clearly this important person is his family. Leia, I think, would take quite a bit of time to adopt the term, if she ever actually does; but even if she never calls him Uncle, she would love him nonetheless.)

Imagine the three of them talking, after everything, after it all ends.

Imagine Luke, seeing the Force ghosts on Endor, knowing everything he does, having experienced everything he has, and sitting down with Rex around an Ewok bonfire and quietly saying, "Tell me about my father."

Imagine Leia getting to learn about Anakin as a person, not just a symbol of pain and terror and loss, and also getting to learn about Padme and the love she shared with her biological father, how that love was both his salvation and his downfall.

(Bail and Breha will always be her father and mother, she will always be and call herself Organa, and yet – she loves her brother, has loved him before she knew he was her brother, and this is a gift unasked for, this is family unlooked for, and being able to know the woman behind her fragments of memory is a chance she never could have expected.)

Imagine them learning about the brothers Rex had (the uncles they had) that they never got to meet, and Rex sharing a lifetime of memories with them.

"Let me tell you about Uncle Kix saving everyone in the 501st from some stupid stunt they pulled by the skin of his teeth, because he was the best damn medic we ever had and I would swear to you even without being a Jedi he could perform miracles."

"Let me tell you about the time Uncle Jesse accidentally set himself on fire and swore in front of Command and the Council in five different languages, and then three hours later took out half a droid battalion single-handedly."

"Let me tell you about Uncle Echo, how clever and brave and determined he was despite everyone looking down on him and his squad."

"Let me tell you about how hard Uncle Fives tried to tell everyone the truth, even at the cost of his own life, because his dedication and loyalty and love was stronger than any other force in the galaxy."

And they are gone now, they are stardust and one with the Force and nothing but memory, but they mattered, they were people, not just numbers, and they laughed and cried and bled and fought alongside Anakin and Padme and their brothers –

And the twins can honor their memory and carry their stories forward.

And that, more than anything, brings all of them peace.

@crossover15 kofi requested Anakin introducing the twins to the 501st!!

(kofi requests are open!)