Capital Allowances & VAT

Question 1

General Pool Deduction?

Answer 1

18%

Question 2

Special Pool deduction

Answer 2

8%

Question 3

VAT rates (3)

Answer 3

Standard Rate - 20%
Zero Rated - 0%
Exempt Supplies - N/A

Question 4

VAT penalties

Answer 4

Default surcharge - 2%-15%
Late registration - up to 100% of the VAT
Error in VAT return - up to 30% if careless and up to 70% for deliberate or 100% for deliberate and concealed