We provide our clients with regular updates on changes in taxation regulation, news from the world of accounting and, of course, information about the latest developments at Bodnant Associates Limited.

A short look at 2020 Budget for Small Businesses

• The Personal Allowance has increased to £12,500 from April 2020

 Other limits

From April 2020

VAT registration limit is £85,000

De registration limit is £83,000

Minimum wage increases April 2020

• £8.72 for 25 years and older
• £8.20 for 21-24 years old
• £6.45 for 18-20 years old
• £4.55 for under 18

Historic UK VAT Rates

Standard UK VAT Rate from 1979 to 1991

• 18/06/1979 to 18/03/1991 – 15 %

Standard UK VAT Rate from 1991 to 2008

• 19/03/1991 to 30/11/2008 – 17.5 %

Standard UK VAT Rate from 2008 to 2009

• 01/12/2008 to 31/12/2009 – 15 %

Standard UK VAT Rate from 2010 to 2011

• 01/01/2010 to 03/01/2011 – 17.5 %

Standard UK VAT Rate from 2011 to Present

• 04/01/2011 to Present – 20 %