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What Is VAT - get a free Infographic | rbc VAT

what is vat

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:

  • A worked explanation of how VAT works in the UK,
  • A practical example showing the importing, buying and selling stages, and
  • Description and overview of each businesses’ VAT charging and reporting obligations.

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.

 

If you have any question, do not hesitate to get in touch and we will be more than happy to assist you in any matter.

Learn more about our VAT Consultancy , VAT Compliance and VAT Training Services.

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