Whats the VAT? United Kingdom

Instructions + How it works

App Store Information

Add VAT

Add 20% tax to a price
1. Select the Add 20% VAT Calculator tab
Whats the VAT
2. Click the Add 20% VAT box and insert pricing
Whats the VAT
3. Pricing with VAT revealed! All calculations, formulas and pricing shown – hide keyboard if desired
Whats the VAT

Take away 20% VAT

Find out what the pricing was before-tax was added
1. Repeat the same steps as above. Select the –20% VAT tab. Insert pricing you want to take 20% VAT from and the original pricing will be revealed.
Whats the VAT

Custom Add Tax Percentage Calculator

Add your own tax rate.
Select the + Custom Percentage Calculator Tab. Insert the pricing and the tax percentage you want to add and the new pricing will be revealed.
Whats the VAT

Custom Minus Tax Percentage Calculator

Take away your own tax rate.
Select the – Custom Percentage Calculator Tab. Insert the pricing and the tax percentage you want to take away and the original pricing will be revealed.
Whats the VAT

HOW IT WORKS

Value-Added-Tax

You can only charge 20% VAT if your business is registered for VAT.

VAT is charged on things like:
1. Business sales – eg when you sell goods and services
2. Hiring or loaning goods to someone
3. Selling business assets
4. Commission
5. Items sold to staff – eg canteen meals
6. Business goods used for personal reasons
7. ‘Non-sales’ like bartering, part-exchange and gifts




Responsibilties

VAT-registered businesses:

1. Must charge VAT on their goods or services
2. May reclaim any VAT they’ve paid on business-related goods or services

If you’re a VAT-registered business you must report to HM Revenue and Customs (HMRC) the amount of VAT you’ve charged and the amount of VAT you’ve paid.

There are 3 different rates of VAT and you must make sure you charge the right amount.

Standard rate
Most goods and services are standard rate. You should charge this rate unless the goods or services are classed as reduced or zero-rated.

Reduced rate
When to charge this rate can depend on the item being provided but also the circumstance of the sale.

Zero rate
Zero-rated means that the goods are still VAT-taxable, but the rate of VAT you must charge your customers is 0%.

MORE VAT INFORMATION

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