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The Daily Telegraph Tax Guide 2014 by David Genders

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06

Value Added Tax

Value Added Tax (VAT) is a system for taxing what people spend. It is also administered by HMRC. The National Advice Service (NAS) is the main contact point for businesses. The NAS telephone number is 0345 010 9000.

What is VAT?

VAT is a self-assessed tax charged on:

  • the supply of goods and services in the United Kingdom; and
  • the import of goods and certain services into the United Kingdom.

It applies where a taxable person in business makes supplies that are taxable supplies.

Rates of VAT

There are three rates of VAT: a standard rate of 20 per cent, a reduced rate of 5 per cent and a zero rate. Most of the goods and services supplied in the United Kingdom are liable to tax at the standard rate. Among the goods and services ...

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