value-added tax
(VAT) A tax payable on a wide range of supplies of goods and services by way of business. As well as straightforward sales, taxable supplies include hirings, rentals, the granting of rights, and the distribution of promotional gifts. VAT is also payable on imports. The amount of tax payable is a percentage of the value of the supply. The liability for the tax arises at the time of the supply (see tax point). Any person, firm, or organization that makes regular taxable supplies above a specified annual value must register for VAT with HM Revenue and Customs, who administer the tax. A registered person (known as a taxable person) must collect from his customers the tax due on the supplies that he makes. This is known as his output tax. He pays the tax to HM Revenue and Customs on a periodic basis (usually quarterly), but in doing so he may reclaim any VAT that he has himself paid in the course of his business (his input tax). The entire tax is therefore borne by the ultimate consumer. VAT came into force on 1 April 1973, replacing purchase tax. See also exempt supply; zero-rated supply.
https://www.gov.uk/topic/business-tax/vat
• VAT area of the GOV.UK website
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