VAT
Business VAT information
Get the ABC on VAT!
Value Added Tax ( VAT) is a tax that you pay as a consumer when you buy goods and services in the European Union (EU), including the United Kingdom.
Every country within the European Union (EU) has its own rate for VAT. Here in the UK the standard rate is 17.5%, which applies to most goods and services. Some others such as domestic power, are charged at a reduced rate of 5%. (VAT does not apply to some goods at all )
When you are charged VAT for a product or goods, the original or 'net' price is multiplied by the VAT rate in order to find out how much VAT should be charged.. Then this amount of VAT is added to the 'net' price to give the 'gross' or total amount you should pay.
For more information and advice on VAT please click on the links below: