HMRC Updates
Income Tax: Personal allowance frozen at £12,570 CGT: Annual exempt amount is £3,000 NICs: Main Class 1 Employee NI rate reduced VAT: MTD system requirements fully enforced SDLT: First-time buyer relief threshold £425,000 Corporation Tax: Main rate 25% for profits over £250k IHT: Nil-rate band frozen at £325,000 Pension: Annual allowance set at £60,000
Estimated calculation • • uktaxhero.com
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Important: Illustrative estimates based on HMRC published rates. Actual liabilities vary. Find a Tax Expert →
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📅 Tax Year

📈 VAT Calculation

£
%

First year traders: your rate minus 1%. Limited cost traders: 16.5%.

How This Calculator Works

📈 Add or Remove VAT

Instantly calculates net, VAT amount and gross in both directions.

🏢 Flat Rate Scheme

Works out how much VAT you pay to HMRC and your potential FRS saving vs standard accounting.

📅 Registration Threshold

Current VAT threshold is £90,000 (2024/25+).

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Frequently Asked Questions

When must I register for VAT?

You must register if your taxable turnover exceeds the VAT threshold (£90,000 for 2026/27) in any 12-month period, or if you expect to exceed it in the next 30 days.

What is the Flat Rate Scheme?

FRS lets small businesses pay a fixed percentage of their VAT-inclusive turnover to HMRC instead of calculating input and output VAT. Rates vary by sector (typically 6.5%–16.5%).