Value Added Tax is a tax imposed on the majority of business transactions. VAT is similar to a Sales Tax in that the burden of the tax lies with the final consumer. However, unlike a Sales Tax, the tax is collected at each stage throughout the production and sales processes.
This guide includes:
These questions sound simple enough but they are often overlooked and the fundamental principles of how VAT works are often taken for granted.
This free guide provides you with a worked example transaction chain to guide you through the process of how VAT actually works and get an idea of the different VAT reporting obligations for each business.
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