Glossary · Self-assessment
VAT
Value-Added Tax on goods and services, charged by registered businesses.
The standard rate is 23%, with reduced rates of 13.5% and 9% for some goods and services and 0% for others. Businesses must register once turnover passes the thresholds. They charge VAT on sales, reclaim VAT on business costs, and file VAT returns (Form VAT3), usually every two months.
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All terms · General information, not tax advice.