A–Z of commonly used VAT terms

Produced by a Tolley Value Added Tax expert

Value Added Tax

Guidance

The table below provides an A–Z list of commonly used VAT terms:

VAT term	Description
Acquisition tax	Businesses that are registered for VAT in the UK must account for acquisition tax on goods bought from VAT-registered suppliers in the EU if the goods are moved from the EU to Northern Ireland. See the Northern Ireland ― overview guidance note
Anti-avoidance	Anti-avoidance legislation is intended to address or prevent unfair VAT planning arrangements. See the Disclosure of tax avoidance schemes for VAT and other indirect taxes (DASVOIT) ― introduction guidance note
Assessments	HMRC can issue an assessment if a VAT return is not submitted on time or if HMRC decides that there is an error in a VAT return. See the Assessments guidance note
Avoidance	Avoidance can refer to an arrangement that is intended to improve the VAT position of the business that participates in the arrangement, but which may be challenged by HMRC. See the Disclosure of tax avoidance schemes for VAT and other indirect taxes (DASVOIT) ― introduction guidance

Access this article and thousands of others like it
free for 7 days with a trial of Tolley+™ Guidance.

TAKE A FREE TRIAL

Popular Articles

Owner-Managed Businesses

Allowable deductions for employee-related expenses

Allowable deductions for employee-related expensesThis guidance note covers the tax treatment of some common types of trading expenditure relating to employees. Some of these are disallowable under general principles, for example the wholly and exclusively test or capital versus revenue expenditure.

14 Sep 2022 09:49 | Produced by Tolley Read more

Owner-Managed Businesses

Tax implications of administration and liquidation

Tax implications of administration and liquidationThis guidance considers the tax implications of a company going into administration or liquidation.Introduction to company administration and liquidationCompany going into administrationA company which is in financial difficulty may go into

14 Jul 2020 15:29 | Produced by Tolley Read more

Corporation Tax

Withholding tax

Withholding taxIntroductionUK tax must be withheld on UK payments including:•interest•royalties•rental incomeUK withholding tax may be reduced under the provisions of a double tax treaty (DTT). Prior to 1 June 2021, payments of interest and royalties made to EU resident associated companies were

14 Jul 2020 14:01 | Produced by Tolley Read more

��˾��ҹ��