Value Added Tax: Difference between revisions
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''Tax - indirect tax.'' | |||
(VAT). | (VAT). | ||
A tax added to the price of | A tax added to the price of many goods and services in many jurisdictions. | ||
VAT-registered businesses pay a net amount tax based on the value that they add to the goods and services. | |||
*They account to the revenue authorities for the Output tax they have collected from their customers. | |||
*But they deduct / reclaim the Input tax they have paid to their suppliers. | |||
Relevant UK accounting standards include Section 29 and Section 23 of FRS 102. | |||
| Line 7: | Line 19: | ||
* [[Default surcharge]] | * [[Default surcharge]] | ||
* [[Exempt]] | * [[Exempt]] | ||
* [[FRS 102]] | |||
* [[Indirect tax]] | * [[Indirect tax]] | ||
* [[Input tax]] | |||
* [[Lower rated]] | * [[Lower rated]] | ||
* [[Output tax]] | * [[Output tax]] | ||
* [[ | * [[Sales Tax]] | ||
* [[Standard rated]] | * [[Standard rated]] | ||
* [[Tax]] | |||
* [[Tax point]] | * [[Tax point]] | ||
* [[Time of supply]] | * [[Time of supply]] | ||
| Line 18: | Line 33: | ||
* [[VAT return]] | * [[VAT return]] | ||
* [[Zero rated]] | * [[Zero rated]] | ||
[[Category:Accounting,_tax_and_regulation]] | |||
Latest revision as of 09:24, 6 July 2022
Tax - indirect tax.
(VAT).
A tax added to the price of many goods and services in many jurisdictions.
VAT-registered businesses pay a net amount tax based on the value that they add to the goods and services.
- They account to the revenue authorities for the Output tax they have collected from their customers.
- But they deduct / reclaim the Input tax they have paid to their suppliers.
Relevant UK accounting standards include Section 29 and Section 23 of FRS 102.
