What Is VAT?
VAT is the tax applied to purchases of services, goods and other taxable supplies.
What Does VAT Stand For?
VAT stands for value-added tax.
What Are VAT Rates?
| Rate | % of VAT | Applies to |
| Standard | 20 | Most goods and services. |
| Reduced | 5 | A secretion of goods and service. |
| Zero | 0 | Zero-rated goods and services. |
How Do I Pay My VAT Bill?
For same or next day payments:
- Online or telephone banking.
- CHAPS.
What Is Corporation Tax?
Corporation Tax is a tax based on all taxable profits of a UK based company.
Who Has To Pay Corporation Tax?
All UK limited companies will pay corporation tax.
What Are Corporation Rates?
| Financial year 2020-21 | Financial year 2021-22 | Financial year 2022-23 | Financial year 2023-24 | |
| Main rate | 19% | 19% | 19% | 25% |
| Small profits rate | N/A | N/A | N/A | 19% |
| Lower threshold | N/A | N/A | N/A | £50,000 |
| Upper threshold | N/A | N/A | N/A | £250,000 |
How Can I Pay Corporation Tax?
For same or next day payments:
- Online or telephone banking.
- CHAPS.
For more information, visit Contract Renewals