
Do I need to register for VAT?
Do I need to register for VAT?
Any business (incorporated/unincorporated) whose taxable turnover is above £85,000 have to register for VAT. However, there are some transactions that are exempt from for VAT, some are allowed at Zero Rate and some fall out of Scope for VAT purposes. Your business activity will decide the rates applicable to you. Below are the rates applicable –
VAT rates for goods and services
Rate | % of VAT | What the rate applies to |
Standard | 20% | Most goods and services |
Reduced rate | 5% | Some goods and services, e.g. home energy |
Zero rate | 0% | Zero-rated, e.g. most food and children’s clothes & medical supplies |
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