General UK VAT is broadly similar to Irish VAT. This is because VAT is a European Union based tax and derives from European Union rules. Accordingly most the principles are similar throughout the European Union. However, there are significant differences not least in rates, turnover, registration requirements and the details of certain schemes and rules. […]
Category: VAT
Registration and Administration
Registration for VAT The thresholds for VAT registration are significantly higher to those applying in Ireland. There is a single rate for goods and services. The obligation to register for VAT arises if taxable goods and services of more than £85,000 have been supplied in the last 12 month period or if it is anticipated […]
Special VAT Schemes
As in Ireland, there are a number of VAT simplification schemes for businesses with turnovers below a certain amount. Annual Accounting Smaller businesses may be able to avail of annual accounting. Under the annual accounting scheme, VAT can be paid by monthly or quarterly instalments during the year based on a estimate of total VAT […]
VAT Rates and Exemptions
VAT Rates VAT applies to the sale of goods and services in the United Kingdom and to the import of goods and services into the United Kingdom. There are three rates of VAT – 0% rates, 20% (standard) and the reduced rate applicable to certain domestic and charitable use products. The 20% residual rate applies to […]
