Value Added Tax: Difference between revisions
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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.
