Welcome to our site. We have created this site due to the recent changes to VAT rates. We could not find a similar site that allowed users to change the amount of VAT so created this so that business users and individuals have access to a calculator where the VAT rate could be changed and VAT could be added to a net amount or subtracted from a gross amount in an easy manner.
The VAT rate for the UK currently stands at 20 per cent, this was changed from 17.5 per cent on the 4th of January 2011. The standard rate of VAT was temporarily reduced to 15 per cent on 1 December 2008. This was put back to 17.5% on the 20th January 2010.
Please click here for VAT Rate information
More to come!
We will be launching a range of guides and articles to cover a range of VAT related issues over the coming weeks and months. If you would like any information regarding VAT or any issues surrounding Value Added or any other Tax then do let us know.
About Value Added Tax
VAT - or Value Added Tax - is charged by businesses at the point of sale of goods and services sold in the UK and the Isle of Man. Basically it is a tax on business transactions.
Value Added Tax was introduced in 1973 as a replacement for Purchase Tax and Selective Employment Tax, as a condition of UK entry into the European Economic Community.
The reduction in the standard rate of VAT from 17.5% to 15% was prompted by the recent financial turmoil in the global financial system in 2008 and increased to 20% in January 2011.
The Chancellor stated that the temporary reduction would last for 13 months before returning to 17.5 per cent in January 2010.
The Chancellor stated in his 2008 Pre-Budget report that "This temporary reduction is the equivalent of the Government giving back some 12 and a half billion pounds to consumers to boost the economy."