Concise Accountancy - London Accountants
Customer Login | Search This Site:   Go  

What we do Register a company Check VAT numbers Apply VAT numbers Payroll and PAYE UK business tax Company accounts Abbreviated accounts Fixed fee accounts Services About us Careers
General Business Quiz
1. What do you need to provide to open a bank account?
 
GBP 500 cash
A work permit
Proof of your address
Submit
 
Latest UK Business News : UK court orders delay in Kazakh asylum decision      Accountancy and law to drive City jobs      Wanted: Multilingual, popular, UK heavyweight for EU job      Manufacturing most optimistic since Heath years      Protesters say plant fuel may not be green      

Types of VAT Products

 

There are at present three types of VAT rates on goods and services.

  1. The standard rate, currently 15% (with effect from 1 January 2009 the rate is increased to 17.5%)
  2. A special five percent rate applying to domestic fuel, installation of energy-saving materials in homes and women's sanitary products.
  3. The zero rated.

Most of the goods and services are standard rated unless the UK government specifies otherwise.  Zero rated goods and services charge VAT at 0% and the business still can reclaim input tax on its purchases in the normal way.

The main supplies that fall under the zero rated categories at present including the following:

  • Most food and drink except catering, or certain items like chocolate, crisps and so on, or 'hot food' to be taken away.
  • Books and newspapers.
  • Young children's clothing and footwear.
  • Public transport excluding taxis, hire cars or 'fun' transport, such as steam railways.
  • Exports,
  • Sales of, and the construction of, new domestic buildings only.
  • dispensing prescriptions.
  • Mobile homes and houseboats

Do not confuse exempt and zero-rated goods and services. The effect of the two categories is quite different. Neither charges VAT On what they sell, but the exempt category cannot claim VAT back on what they have paid, while the zero-rated category can.

Concise Accountancy – Making VAT administration simple for businesses

 
Email This Page  Print This Page

Fixed Fee Accountancy Services For Startup and Growing Companies
Accountants fees Fixed Fees Accounting Packages Dormant Accounts Package Premium Accounts Package Startup Accounts Package


 
 

Testimonials

No more late filing penalty!

Concise Accountants take care of all my company statutory requirements. They deal with everything for me for a fixed fee. Really good deals for newly start ups businesses.

I am happy that I do not have to deal with Companies House and tax office matters any more, I have more time to serve my customers.

Mr. John Paulo, Director