Carryover refers to the process by which deductions and credits of one taxable year that cannot be used to reduce tax liability in that year are applied against tax liability in subsequent years.
VAT is a consumption tax levied on the sale of goods and services in the UK, added at each stage of production and distribution.
Value Added Tax (VAT) registration is an obligation for businesses making taxable supplies that exceed a set registration threshold within a specific period, requiring them to register for VAT.
