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Tax Rates & Allowances

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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%.

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