VAT

VAT
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Value Added Tax - a tax that registered businesses charge when they supply their goods and services in the UK. VAT is also charged on goods, and some services, that are imported from places outside the European Union ( EU) and on goods coming into the UK from another EU Member State. HM Customs & Revenue Glossary
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Value added tax. Dresdner Kleinwort Wasserstein financial glossary

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VAT VAT [ˌviː eɪ ˈtiː, væt] noun [uncountable] TAX
Value-Added Tax; a tax on some goods and services. Businesses pay VAT on most goods and services they buy and if they are over a certain size, charge VAT on the goods and services they sell. At regular periods of time, the total amount of tax paid is taken away from the total amount charged to arrive at an amount that is owed to or by the business. Final customers pay VAT on these goods in shops and on services. VAT is a way of charging tax on the increase in value of goods and services at each stage as they are produced, rather than just on their final selling price to customers:

• Our quotes exclude VAT, currently 17.5%.

• Some goods and services are zero-rated, which means that no VAT is charged on them.

— see also ex VAT

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VAT UK US /ˌviːeɪˈtiː/ noun [U] TAX
► ABBREVIATION for Value Added Tax: a tax that is paid at each stage in the production of goods or services, and by the final customer. Businesses in the production process take away the cost of inputs (= labour, materials, etc.) from the cost of outputs (= products and services sold) to calculate the amount that they must pay: »

You can pay as little as £600 plus VAT for a powerful PC.

 including/excluding VAT »

The price is £19.99, including VAT.

 »

Those with a turnover of £51,000 or more have to register for VAT.

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Banking services are exempt from VAT.


Financial and business terms. 2012.

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