VAT — Rates and Thresholds
| Rates | 2022/23 | 2021/22 |
|---|---|---|
| Standard | 20% | 20% |
| Reduced | 5% | 5% |
| Zero | 0% | 0% |
| Exempt | N/A | N/A |
| Temporary reduced rate for hospitality and tourism 1 | 20% | 12.5% |
- A 5% rate was introduced with effect from 15 July 2020 and applied until 30 September 2021, from when a 12.5% rate will applied until 31 March 2022.
| Thresholds 1 | 2022/23 | 2021/22 |
|---|---|---|
| VAT registration | £85,000 | £85,000 |
| VAT de-registration | £83,000 | £83,000 |
- The VAT registration and deregistration thresholds will be frozen until 31 March 2024.