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Introduction to vat (Sources of information (Legislation (VAT Act 1994),…

- - - - Staff training
      - Adapting IT systems
      - Purchasing new software
      - Reprinting stationery
      - Additional time for adim
- - - - Zero rate (nil)
      - Reduced rate 5% (domestic & charitable)
      - Standard rate 20%
      - Trader abled to register
      - Vat on taxable supplies
      - Can reclaim input VAT
    - - No Vat resister
      - Zero-rated can
      - Vat to custom ex no, 0 yes
      - Recover input tax ex no, 0 yes
      - Supplies
        
        Zero, water, most food, books & newspapers, public transport, children's & shoes, New house building
        
        Exempt, Rent Insurance, postal services, financial, Education, betting and lotteries.
    - - Outside the UK vat system