Tax Information
Rates and Allowances
Information from the Inland Revenue website
- Capital Gains
- Corporation Tax
- Exchange Rates
- Income Tax
- Inheritance Tax
- Interest Rates
- National Insurance
- Pensions
- Savings
- Stamp Duty Land Tax
- Tax Credits/Child Benefit
- Travel
Capital Allowances
Information from the Inland Revenue website
- Introduction
- Capital allowances for plant and machinery
- Part 1 - Overview of Enhanced Capital Allowances for Energy-Saving Investments
- Part 2 - Detailed Notes on Enhanced Capital Allowances for Energy-Saving Investments
VAT
From 1 April 2007 |
|
|---|---|
| Standard rate | 17.5% |
| Standard rate VAT fraction | 7/47 |
| Reduced rate | 5% |
| Reduced rate VAT fraction | 1/21 |
Taxable Turnover Limits |
|
| Registration - last 12 months or next 30 days over | £64,000 |
| Deregistration - next 12 months under | £62,000 |
| Cash accounting scheme - up to | £1,350,000 |
| Optional flat rate scheme - up to | £150,000 |
| Annual accounting scheme - up to | £1,350,000 |
There are three rates of VAT:
-
a standard rate, 17.5 per cent
-
a reduced rate, 5 per cent - see a list of goods and services currently charged at the reduced rate on the HM Revenue & Customs (HMRC) website
-
a zero rate, 0 per cent - discover when to check if your goods and services are zero rated on the HMRC website
The annual taxable turnover threshold at which you must register for VAT is £64,000.
You will have to apply for VAT registration if:
-
at the end of any month, you have supplied goods and services worth £64,000 or more over the past 12 months
-
at any time you think that you will supply goods and services worth £64,000 or more in the next 30 days
Tax Efficient Savings and Investments
Information from the Directgov website.
Expenses and Benefits
Download the booklet on expenses and benefits from the HMRC website (PDF).
Welcome to Solcase online
Log in to access your account.