Deregistration refers to the process by which an entity ceases to be registered for Value Added Tax (VAT). This often occurs when a taxable person stops making taxable supplies, making deregistration compulsory, with a notification requirement within 30 days.
The election to waive exemption, also known as the option to tax, refers to the choice by a taxpayer to charge VAT on supplies that are otherwise exempt. This mechanism allows businesses to reclaim input VAT, which can benefit their cash flow and overall financial performance.
To convert a net amount into its equivalent gross amount. For example, an amount payable net of 17.5% value added tax would be grossed up to the amount payable including 17.5% value added tax, i.e. by multiplying the net amount by 1.175.
Corporate groups under common control can apply for group registration for VAT, allowing all group members to be treated as a single taxable entity.
A persistent misdeclaration penalty is used in the collection of value-added tax (VAT) to address significant inaccuracies in VAT returns, coupled with a trader's prior record of errors.
An arrangement in which the value-added tax (VAT) due on second-hand goods sold is calculated based on the trader's margin, rather than the total selling price.
The span of time covered by a value added tax (VAT) return, usually encompassing three calendar months. VAT returns must be completed and submitted to HM Revenue and Customs within one month following the end of this tax period.
Under the value added tax (VAT) rules, the tax point is the date on which goods are removed or made available to a customer or when services are completed. It determines the tax period for which the output tax must be accounted.
A taxable supply refers to the provision of goods or services in the UK that is subject to Value Added Tax (VAT). It excludes any exempt supplies as defined by VAT legislation.
A turnover tax is a tax assessed on a good at an intermediate stage of production rather than on the finished good, commonly referred to in comparisons with Value-Added Tax (VAT).
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) is a consumption tax levied on the value added to goods and services at each stage of production or distribution and is ultimately borne by the end consumer.
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.
A Value-Added Tax (VAT) is a type of indirect tax levied on goods and services at each stage of production or distribution where value is added. It is prevalent in many countries worldwide and represents a significant source of revenue for governments.
Value-Added Tax (VAT) is a consumption tax imposed at each step of the production process, calculated as the difference between the purchase cost of an asset to the taxpayer and its resale price. It is a key source of tax revenue in many European countries.
An informal name for an employee of HM Revenue and Customs dealing with value added tax. It is often used to refer to a VAT Inspector responsible for routine VAT inspections.
