Would you like to download our mobile app from the App Store?Download
When a VAT registered business issues an invoice to their customer, they must seek to ensure that they charge the correct rate of VAT. Whilst most businesses in the UK charge VAT at the standard rate of 20%, there are a number of different VAT rates and exemptions to be aware of. These include the reduced VAT rate of 5% and the positive zero rate (0%).
There are two other categories that the supplies of goods and services can fall under:
If a business has made an error in charging VAT then this needs to be corrected. The timing of finding an error can impact on how the issue is resolved.
Addison & Co