VAT is a tax on consumer expenditure and is ultimately paid by the final customer. Most business transactions involve the supply of goods or services and VAT is payable if they are made:

1. in the United Kingdom;

2. by a taxable person;

3. in the course of furtherance of business and are not specifically exempted or zero-rated

Also in this chapter of the New Business Kit:

• Registration
• Taxable Persons and Supplies
• Tax Rates
• Input VAT
• Special Events
• Penalties

Contact Sanders & Shaw today to arrange a free meeting or to order the full copy of the New Business Kit.