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VAT

Value Added Tax, VAT, is a tax that applies to most business transactions that involve the transfer of goods or services. It is a tax on consumer expenditure and is collected on business transactions, imports and aquisitions.

Most business transactions involve supplies of goods or services. VAT is payable if they are:

• supplies made in the United Kingdom (UK) or the Isle of Man
• by a taxable person
• in the course of a business
• are not specifically exempted or zero-rated.

There are 3 rates of VAT:

• a standard rate, currently 17.5%
• a reduced rate, currently 5%
• a zero rate.

Log in for detailed information on:

• Letting residential property
• Sale of domestic buildings
• Repairs
• Renovation or Conversion of residential property
• Listed buildings