Standard VAT rate

20%

Country code

UK

Reduced VAT rates

5%

Super reduced rate

N/A

VAT returns

Monthly or Quarterly or Annually

VAT number format

GB 123 4567 89

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Latest news from United Kingdom

UK – MTD UPDATE: Lords Request MTD Delay

The House of Lords, which is the Upper House of UK Parliament, have called for a minimum of 1-year delay to the implementation of Making Tax Digital (MTD). They claim that HMRC have neglected their responsibility to small businesses and that the costs to implement the new system will exceed those outlined in HMRC’s impact… Read More

Fiscal Solutions to release compliant MTD solution in 2019

In preparation for MTD, Fiscal Solutions will release its very own HMRC approved MTD compliant bridging solution at the beginning of 2019. This cloud-based solution is easy to use, competitively priced and will enable businesses to meet the demands of MTD in order to submit their UK VAT returns after the potential April 2019 deadline…. Read More

UK’s missing VAT grows by £1.3 billion

According to figures released by HMRC, an estimated £13.3 billion in UK VAT revenue was lost due to non-compliance or non-collection during the year 2017/18. When compared with the same figures from 2016/17 this shows an increase of £1.3 billion. The main factors contributing to were insolvencies, bankruptcies, fraud, administrative errors and legal tax optimisation.