WikiSysop at 09:50, 11 February 2014

2014-02-11T09:50:31Z

WikiSysop at 15:14, 3 June 2008

2008-06-03T15:14:25Z

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VAT is Value Added Tax charged on most business-to-business and business-to-consumer transactions in the UK. VAT is also charged on goods, and some services, imported from places outside the European Union (EU) and on goods and some services coming into the UK from other EU countries.

UK has 3 different rates of VAT:
*standard rate - 17.5 per cent
*reduced rate - 5 per cent
*zero rate - 0 per cent

Ireland has a different rate of VAT:
*standard rate - 21%
*reduced rate - 13.5% or 4.8%
*zero rate - 0%

Some goods and services are exempt from VAT, while others are outside the scope of VAT. Businesses registered for VAT usually account for VAT on a quarterly basis by filling in a VAT return and submitting it to HM Revenue & Customs (HMRC).

Example of things which are exempt from VAT:
*Export
*Health and medical services.
*Children's clothing and shoes
*Insurance and banking services.
*Food.
*Agricultural fertilizers.
*Public transport

== VAT for consumers ==

Are you completely confused like me right now? Good. Now you can read this guide for [http://www.hmce.eu/vat/vat-consumers.htm what does VAT mean for consumers]

[http://customs.hmrc.gov.uk/channelsPortalWebApp/channelsPortalWebApp.portal?_nfpb=true&_pageLabel=pageVAT_ShowContent&id=HMCE_CL_000345&propertyType=document INSTANT BRAIN DEATH details about VAT]

== VAT for foreigners ==

If you are technically a visitor, you can claim for VAT refund. The requirements are that:
* you must live outside the EU (duh)
* you must leave the UK for a destination outside the EU with the goods you have bought by the end of the third month after the month when you bought them
* show customs officials the goods, your receipts for them and a completed VAT refund document when you leave the EU

← Older revision		Revision as of 09:50, 11 February 2014
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	* you must leave the UK for a destination outside the EU with the goods you have bought by the end of the third month after the month when you bought them		* you must leave the UK for a destination outside the EU with the goods you have bought by the end of the third month after the month when you bought them
	* show customs officials the goods, your receipts for them and a completed VAT refund document when you leave the EU		* show customs officials the goods, your receipts for them and a completed VAT refund document when you leave the EU
		+
		+	== WHAT IS THIS CONFUSING THING ==
		+
		+	NETP
		+
		+	* http://customs.hmrc.gov.uk/channelsPortalWebApp/channelsPortalWebApp.portal?_nfpb=true&_pageLabel=pageExcise_ShowContent&id=HMCE_CL_000086&propertyType=document#P10_240
		+	* http://www.hmrc.gov.uk/briefs/vat/brief3112.htm
		+	* https://summer.royalacademy.org.uk/Content/Information/Files/VAT_1.pdf

VAT - Revision history

WikiSysop at 09:50, 11 February 2014

WikiSysop at 15:14, 3 June 2008