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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 (1.4.26 to 31.3.27): £90,000
Annual Deregistration Limit (1.4.26 to 31.3.27): £88,000
17 Jun 2026
The UK's inflation rate remains at 2.8% in the year to May, according to the latest data from the Office for National Statistics (ONS).
16 Jun 2026
Government plans to extend the rules requiring some taxpayers to declare 'uncertain' tax positions risk creating more compliance burdens and tax disputes according to the Chartered Institute of Taxation (CIOT).