UNDERSTANDING WHAT IS VAT?
- Harpreet Singh
- Oct 26, 2019
- 1 min read
We whole see on our receipts a VAT (or are offered a VAT receipt), i.e. when you fill top vehicle up with fuel; but if you own your own business, just began, or thinking of starting up a another business, do you get VAT and whether it is applicable to you and your business? Here I have assembled a simple guide disclosing what you have to need to know and how to get begin.
Value-added tax is a tax that is charged on the majority of the merchandise or services provided in the UK by organizations that are already VAT enrolled. As well as organizations that provide goods and enterprises in the UK, Vat in uae can apply to certain goods and services that are imported from nations outside of the European Union (EU) and bring into the UK. To be able to charge this expense, you have to be VAT enlisted.
Value Added Tax registered means that you have told and joined with HM Revenue & Customs and your business has been given its own VAT enrollment no. If you are VAT enlisted, it means that when your business sells either a product or assistance you will need to charge your client VAT at the current pertinent rate (see later explanations about the relevant rate), whether your customer is VAT enrolled or not.
for more info visit our official websites links:-
Comments