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)

Local, cloud-connected professional support throughout the year.

Our services can be as deeply integrated into your business as you require and flexed up or down to support your current needs.

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Using our expertise, combined with cloud-accounting software, we can provide your growing owner-managed business with a time saving, efficient, finance function that delivers timely, accurate, financial management information and advice.

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By getting to grips with the core record-keeping function in your business, we can build on this work to produce a top quality report dashboard that tells you what is really going on.

We'll prepare monthly, or quarterly, management accounts to ensure you always have reliable and accurate information on which to base your business decisions.

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This fully integrated, continuous, accounting and tax service will transform your personal & company accounting.

We maintain records consistently over time and convert the raw data into actionable business insight to assist business owners in planning for the future.

Contact us for information
about how we can tailor our services to your objectives.

   0161 835 2080

   enquiries@mtmllp.co.uk

   Murphy Thompson Moore LLP
      3rd Floor, 82 King Street, Manchester
      M2 4WQ

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