Скачать или смотреть VAT: Zero Rated vs Exempt Goods - What's the difference?

VAT Zero Rate 0% vs VAT exempt, what is the difference? If your goods are 0% rated, then how is this beneficial in comparison to being VAT exempt.......

🔴 VAT Playlist:
   • VAT Value Added Tax Explained - The Basics  

Accounting & Tax Academy Free Membership Site →
🌏 http://aidhanfinancial.com/accounting...
More VAT Information on Our Website https://aidhanfinancial.com/vat-in-uk/
VAT Notice 703 on the HMRC Website: https://www.gov.uk/guidance/vat-on-go...

⏱️ Time Stamps:
1:20 - What Are Zero Rated Supplies?
2:46 - Goods & Services to EU & Non-EU Countries from the UK
3:16 - What Are Exempt Supplies?

If you want my & my team's expert accounting and tax help, you can book a discovery call through our website → 🌏 https://www.aidhanfinancial.com/

A charge to UK VAT arises when a taxable supply of goods or services is made in the UK by a taxable person.
The term person can apply to an individual sole trader, partnership, Limited Company, LLP or any other body that supplies goods and services in the course of business.
A taxable supply is any supply of goods and services in the UK other than a supply which is specifically exempted from VAT. So a taxable supply includes standard rated (20%), reduced rated (5%) and zero rated (0%).

It's a tricky concept to get your head around, but zero rated supplies are technically a taxable supply. This can be extremely beneficial to your business if you are dealing in zero rated supplies, such as meat & poultry for example. Any VAT you incur, or input Value Added Tax, can be claimed back as your product is a taxable supply.

Exempt supplies on the other hand do not count as taxable supplies. Now if your business is supplying a combination of exempt, reduced rate, standard rate and zero rated items, it's strongly recommended you engage with an accountant you trust, as a VAT Evaluation will be extremely beneficial to your business.

★☆★ OUR MISSION ★☆★
Me & my team are dedicated to helping and empowering YOU to 'Know Your Numbers' so you can make calculated and informed decisions in your business, company and personal finances towards your definition of success.

★☆★ OUR PHILOSOPHY ★☆★
If you take care of your numbers (finances), your numbers will take care of you, your family and those you value the most.

🔴 DISCLAIMER
Our videos are for general guidance, education and empowerment in helping you understand accounting, tax and your numbers. They in no way constitute specific advice to your specific circumstances. Me & my team would be delighted to help you with your specific queries or accounting requirements through a formal engagement.

#VAT #VATexplained