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VAT

VAT

VAT is a tax on consumption in the UK. It is a tax on the supply of goods or services; unlike income tax or corporation tax, it is not related to business profits.

Supplies of goods or services in construction and property transactions can be taxable (at 20%, 5% or 0%), exempt or outside the scope of VAT. On expensive property-related transactions the addition or otherwise of VAT can have a significant impact.

This section is maintained by Julian Potts of Landmark PT.