VAT (value added tax) is akin to State Sales Tax, which in NYC is about 8.25%
VAT stands for Value Added Tax. The VAT 100 shows business how much VAT the business charged their customers, how much VAT to claim, and the total of goods that were sold in a three month period.
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VAT in the UK will return to 17.5% from 1 January 2010. (Prior to that it is 15%)
The custom duty and the VAT usually increase the value of the rough diamond in the UK.
The types of VAT........ 1 ) INPUT VAT @ 4 % 2 ) INPUT VAT @ 1 % 3 ) INPUT VAT @ 12.5 % 4 ) OUTPUT VAT @ 1 % 5 ) OUTPUT VAT @ 4 % 6 ) OUTPUT VAT @ 12.5 %
There is no such term as gross of VAT. The amount with VAT is called the gross amount while the net of VAT is the amount after the VAT has been deducted.
It depends on what it is being charged on. The main VAT rate is 17.5% but the new Con-Dem Government is increasing it to 20% in January 2011.
Come out and play package from £195.00+VAT Or check out Sanderson from £225.00+VAT
To calculate VAT input and output, first identify the VAT you paid on purchases (input VAT) and the VAT you charged on sales (output VAT). Input VAT is the tax included in the cost of goods or services acquired for business use, while output VAT is the tax collected from customers on sales. To determine the VAT you owe to the tax authorities, subtract the total input VAT from the total output VAT. If the output VAT exceeds the input VAT, you pay the difference; if the input VAT exceeds the output VAT, you may be eligible for a VAT refund.
To reclaim VAT, you need to be a registered business that has paid VAT on goods or services. You can reclaim the VAT by submitting a VAT return to the tax authorities, detailing the VAT you have paid and the VAT you have charged. This process allows you to receive a refund for the VAT you have paid.
VAT that is charged by a business and paid by its customers is known as "output VAT" (that is, VAT on its output supplies). VAT that is paid by a business to other businesses on the supplies that it receives is known as "input VAT