Value added tax – in detail in a commercial content.
Value added tax (VAT) is a tax on supplies of goods and services made by a taxable person in the course or furtherance of a business. It is administered by HM Revenue & Customs. This note covers the general VAT position.
VAT is a consumption tax that is charged on goods and services commercially provided. It is designed to be borne by the final consumer (that is, the end user of the goods or services), but the tax is charged on all goods and services commercially provided, including those provided to businesses. Accordingly, one of the key features of VAT is the mechanism for businesses to deduct VAT that they are charged.
As VAT is charged on the price of the goods or services, the end result should be that businesses account to HMRC for VAT on the value that they have added and there are a number of ways to which this can and is paid. The final consumer, who is unable to deduct the VAT charged, bears the cost of the VAT on the final sale price, which reflects the value of goods and services used in producing the product to the final consumer.
Every EU member state must adopt the common system of VAT provided for by EU law. All of the original member states had done this by the time the UK became a member state on 1 January 1973. The UK introduced VAT with effect from 1 April 1973. By 1968, tariffs and quotas on trade between member states had been eliminated. Goods entering the EU from third countries are subject to import duties and quotas in accordance with the Common Customs Tariff. Once admitted into the EU, goods may be circulated freely within the EU.
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Horse bits for equestrian activities.Buying the right horse bits
When buying horse tack, the importance of correct bit choice cannot be overestimated. The bit rests inside a horse's mouth and is used to allow the ri...Choosing and making sure you buy the right horse bit
Choosing and making sure you buy the right horse bit.