Value added tax

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 (1.4.24 to 31.3.25): £90,000 (£85,000)

Annual Deregistration Limit (1.4.24 to 31.3.25): £88,000 (£83,000)

About us

Wright Connections Ltd was established by Suzy Goodson in 2003

We continue to build on our enviable reputation for providing excellent advice and first class service to our business and personal clients alike...

Contact details

01234 834577

Wright Connections Ltd, Bedford I Lab, Priory Business Park, Stannard Way, Bedford, Bedfordshire MK44 3RZ

Wright Connections Ltd is registered in England & Wales. Registration number: 4675692.
Registered office address: Wright Connections Ltd, Bedford I Lab, Priory Business Park, Stannard Way, Bedford, Bedfordshire MK44 3RZ VAT number: GB 809054338

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