Nottingham & Sutton-in-Ashfield: 0115 940 2015 - Email enquiries@rumsby.com

Value added tax

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.

Rates

Standard: 20%

Reduced: 5%

Limits

Annual Registration Limit (1.4.25 to 31.3.26): £90,000

Annual Deregistration Limit (1.4.25 to 31.3.26): £88,000

Testimonials

“We have worked with DK Rumsby & Co for over 10 years. They understand our business and objectives. They have supported us as a valued strategic adviser in preparing our business for acquisition – getting the best deal for our shareholders and the business.”

Tracy Doucet, Innov8

“DK Rumsby & Co provide us with a personal, professional service and they are always available when we need any help or advice. We can now plan our investments in the business.”

Peter Yorston, Transrap Packaging ltd

“We were looking for a change and felt that DK Rumsby & Co appeared very professional and helpful. They do their best to work for us, as a company, to advise and assist in ways to improve our practices and liabilities. As such we have tightened up on our overheads and taken on board suggestions regarding income that have helped our business. We would recommend them without question.”

Jean Tonks, Knowles

“Phil was a breath of fresh air compared to our former accountants. The team at Rumsby’s are easy to talk to, always welcoming and everything is done on time. They are very proactive and offer great accounting and business advice. We restructured our business shortly after engaging DK Rumsby over 10 years ago, following their great advice.”

Gareth Shaw, Welch the Florist Ltd

“DK Rumsby were recommended to us and after an initial meeting with Derrick we quickly realised that Rumsbys were very efficient, knew what they were talking about, proactive and did things properly. They do what they say, save you time and if there’s a problem they sort it out!”

Sam O’Regan, P&S Healthcare Ltd