This chapter is about …
What VAT (Value Added Tax) is and how it works. We’ll then add calculations for VAT to the illustration framework and see how it affects forecast cash flow.
What is VAT?
VAT is a tax, administered by HM Revenue & Customs (HMRC) in the UK, which every business with a turnover greater than a certain limit must add on to the selling price of its products or services. A business with a turnover greater than the limit must be registered for VAT with HMRC; but businesses with a lower turnover may apply for voluntary registration. ...
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