When Is Vat Payable?


Value added tax is a type of tax payable on most goods and services that have been registered under VAT-businesses. If a business supplies goods or purchases goods from a business that is VAT-registered, they have to pay the tax and VAT invoices are also provided to show that one has complied.
2 Additional Answers
VAT is applied to all goods and services that are bought and sold for use or consumption in the community. VAT is paid on imported goods. VAT is also applied on services.
The VAT (value added tax) due on a transaction is payable on acquisition of the goods by the taxable customer in the European Union where the goods arrive. This is called intra-Community acquisition and the customer has to account for any VAT due in his normal VAT return.
Q&A Related to "When Is Vat Payable"
There are several different VAT systems around the world. According to UK Incorp, member states of the European Union (EU) have a compulsory, common VAT system. Some countries, like
Vat payable is the amount of vat collected on behalf of the tax authority and payable to them. In other words vat payable is an output vat levied on organisation's customers through
On a van you can assume that VAT is payable. Most vans will have been bought by VAT-registered businesses, who will not have to pay the VAT on it. VAT will be payable until the van
accounts receivable - money owed to the business by your customers (what you have sold) accounts payable - money the business owes to its suppliers (what you have purchased) Purchase
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