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| *Ostroff, Fair and Company>>>United Kingdom Taxes |
What are the rules and regulation of VAT in the UK? |
This qustion of mine has got to with taxation in the united kingdom. Can someone oplease tell me what are the rules and reguklations of VAT in the UK? Please can someone answer my question a.s.a.p. This would be appreciated. Thank you in advance. All goods and purchases involve Value Added Tax. It is typically set at 17.5% and almost everyone pays it for almost everything. Some companies are able to claim some back, but they pay other taxes anyway. Other things such as petrol, & alcohol have duty on them which basically means they tax you through the roof for it. (as if 17.5% wasn't enough already!) This is so we can give all our money to freeloaders (we have a huge social security problem). But this is highly simplified. To get the full UK Govt. answer go here: http://customs.hmrc.gov.uk/channelsporta... Oooh, there are lots of rules. It also depends if you're looking for information regarding a person's tax rates or a company's. Basically VAT is charged at 17.5% on most things. Some it's higher, others it's 5% or even 0%. There are a lot of quirks: biscuits are VAT-free, but chocolate-coated ones get charged. There was a famous case recently where Jaffa Cakes (small, biscuit-like cakes with chocolate on them) went to court to prove they were cakes and not biscuits so they didn't have to charge VAT! There's a lot more information in the link below. http://www.taxationweb.co.uk/guides/valu... The Value Added Tax is a new system of taxation to be taxed at the rate specified shall be levied at every point of Sales to the person who carries on the business of buying, selling, supplying or distributing goods or delivering goods on hire purchase or on any system of payment by installments, or carries on or executes any works contract involving supply or use of material directly or otherwise,whether for cash or for deferred payment, or for commission,remuneration or other valuable consideration. |
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