Value Added Tax: Difference between revisions
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A tax added to the price of many goods and services in many jurisdictions. | 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. | |||
| Line 14: | Line 21: | ||
* [[FRS 102]] | * [[FRS 102]] | ||
* [[Indirect tax]] | * [[Indirect tax]] | ||
* [[Input tax]] | |||
* [[Lower rated]] | * [[Lower rated]] | ||
* [[Output tax]] | * [[Output tax]] | ||
* [[Sales Tax]] | * [[Sales Tax]] | ||
* [[Standard rated]] | * [[Standard rated]] | ||
* [[Tax]] | |||
* [[Tax point]] | * [[Tax point]] | ||
* [[Time of supply]] | * [[Time of supply]] | ||
| Line 23: | Line 32: | ||
* [[VAT group]] | * [[VAT group]] | ||
* [[VAT return]] | * [[VAT return]] | ||
* [[ViDA]] - ''EU'' | |||
* [[Zero rated]] | * [[Zero rated]] | ||
[[Category:Accounting,_tax_and_regulation]] | [[Category:Accounting,_tax_and_regulation]] | ||
Latest revision as of 14:30, 14 August 2025
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.
