Rates - Business

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RATES - BUSINESS

We have pulled together rates and allowances for businesses including Corporation tax and VAT rates which may be useful to you.

VAT Registration thresholds

Past turnover Future turnover (2)
Period of application (1) 1 year (£) Unless next year less than 30 days (3)
From 1 April 2017 85,000 83,000 85,000
1 April 2016 to 31 March 2017 83,000 81,000 83,000
1 April 2015 to 31 March 2016 82,000 80,000 82,000

(1) A trader who exceeds the relevant threshold at any time within the relevant dates must register for VAT mandatorily.

(2) Taxable supplies include zero rate and all positive rates.

(3) A trader must register if they reasonable believe that the value of taxable supplies in the next 30 days will exceed limit.

Corporation Tax Rates

Bands 2020 2019 2018 2017 2016
Rate 19% 19% 19% 19% 19%

Rates of interest on Corporation Tax payments

Interest corp tax - Non installment payments Interest corp tax - Installment payments
Period from Late payment Repayment Period from Late payment Repayment
07 Apr 20 2.6% 0.5% 30 Mar 20 1.10% 0.5%
30 Mar 20 2.8% 0.5% 23 Mar 20 1.25% 0.5%
21 Aug 18 3.3% 0.5% 13 Aug 18 1.75% 0.5%
21 Nov 17 3.0% 0.5% 13 Nov 17 1.50% 0.5%
23 Aug 16 2.8% 0.5% 15 Aug 16 1.25% 0.5%

VAT Rates

Period Rate
From 4 January 2011 20.0%
1 January 2010 to 3 January 2011 17.5%
1 December 2008 to 31 December 2009 15.0%
1 April 1997 to 30 November 2008 17.5%

VAT Scheme thresholds

Scheme Threshold to join Threshold to leave
Flat rate scheme threshold (1) 150,000 150,000
Cash accounting scheme threshold (2) 1,350,000 1,600,000
Annual Accounting Scheme threshold (3) 1,350,000 1,600,000

(1) A trader can join the flat rate scheme and pay a flat rate depending on industry. 

(2) Supplies are determined by cash payments and receipts.

(3) Make advance VAT payments towards your VAT bill and submit 1 VAT return.

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In preparing and maintaining this section of our website, every effort has been made to ensure the content is accurate and up to date. However, laws, regulations and Standards are continuously changing. As a result, unintentional errors may occur, and the information may not be accurate or up to date. We make no representation or warranty (including liability towards third parties), express or implied, as to the accuracy, reliability or completeness of the information on the website. Please do not act directly on anything you read. Please contact us in the first instance for advice on how it may affect your individual circumstances.

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