What is Value Added Tax
Value Added Tax or VAT is a tax that is added to a number of products and services that are sold in the UK. Not all items have VAT and it is important for businesses to know what items need to have VAT added to them. It is in essence a form of consumption tax. It is a tax that is ultimately passed on to the consumer at the end of the sales chain. Each business that is involved in the product or manufacturing of the product will charge VAT on their elements but will be able to claim the VAT on the.