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What is VAT?

Kevin Beare & Ca UK VAT is charged when a company registered for UK VAT sells to either another business or a non-business customer. This is called output tax. WHAT Registered UK VAT IS VAT? business VAT (value added tax) is similar to a sales tax (in the US). It is a tax that is charged on most goods and services provided by VAT registered business in the UK. It is also charged on some goods and services imported from Buying goods or services Registered UK VAT business Selling goods or services countries outside the EU and brought into the UK from other EU countries. When a UK VAT registered, business buys goods and services they can generally reclaim the VAT (input vat) they have paid on those services. An individual or non-VAT registered business cannot do this. REGISTER FOR VAT (73k ABOVE 73k TURNOVER Get registered for VAT O once your turnover reaches or is above 73k TIME PASSING BOOKS & MAGAZINES FUEL & POWER GOODS & SERVICES 5% 20% 0% Kevin Beare & Ca VAT OUT VAT IN TURNOVER

What is VAT?

shared by Paulbeare on Jul 20
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This infographic explains what VAT is to people who might want to set up a business.

Publisher

Kevin Beare

Designer

PracticeWEB

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Category

Business
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