eTill - Epos | Stock Control | E-Commerce Retail Solutions 2010-01-25T22:16:51Z http://e-till.net/feeds/111/ http://e-till.net/article/111/Value_Added_Tax Mode Retail 2010-01-25T22:16:51Z

<p>Value Added Tax (VAT) is a tax that is charged on most goods and services that VAT-registered businesses provide in the UK.&nbsp; It is also charged on goods and some services that are imported from countries outside the European Union (EU), and brought into the UK from other EU countries.</p> <p>VAT is charged when a VAT-registered business sells to either another business or to a non-business customer.&nbsp; When VAT-registered businesses buy goods or services they can generally reclaim the VAT they've paid.</p> <p>There are three rates of VAT, depending on the goods or services the business provides. The rates are:</p> <ul> <li>standard - 17.5 per cent</li> <li>reduced - 5 per cent</li> <li>zero - 0 per cent</li> </ul> <p>There are also some goods and services that are:</p> <ul> <li>exempt from VAT</li> <li>outside the UK VAT system altogether</li> </ul>