Tax Rates and Allowances 2022/23

VAT

Introduction ⭢

Capital Allowances - Plant & Machinery ⭢

Capital Gains ⭢

Car Benefits ⭢

Car Fuel Benefit ⭢

Child Benefit ⭢

Corporation Tax Rates ⭢

Employee's Statutory Payments ⭢

Income Tax Allowances ⭢

Income Tax Rates - Across the UK ⭢

Income Tax Rates - Scotland ⭢

Income Tax Rates - Wales ⭢

Individual Savings Account (ISA) ⭢

Inheritance Tax (IHT) ⭢

Land and Buildings Transaction Tax ⭢

Land Transaction Tax ⭢

Mileage Allowance Payments (MAPs) for Employees ⭢

Minimum Wage ⭢

National Insurance Contributions (NIC) - Rates and Allowances ⭢

Pensions Automatic Enrolment ⭢

Pensions - Tax Relief on Pension Contributions ⭢

Property Allowance ⭢

Self Assessment - Key Dates ⭢

Stamp Duty Land Tax (SDLT) ⭢

State Pensions ⭢

Tax Reliefs for Individuals ⭢

Trade Allowance ⭢

Van Benefit ⭢

VAT ⭢

VAT Fuel Scale Charges ⭢

Vehicle Excise Duty (VED) - Passenger Cars ⭢

Registered businesses charge 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.

VAT - rates and limits
Standard rate	20%
Reduced rate	5%*
Annual Registration Limit - from 1.4.22 - 31.3.23	£85,000
Annual Deregistration Limit - from 1.4.22 - 31.3.23	£83,000