The ins and outs of VAT
KEY POINTS
- An article for students of ATT Papers 3 and 6 and those studying for the CTA Awareness VAT Module.
- The important distinction between the UK EU and ‘rest of the world’.
- Evidence of the export of goods is essential when
zero-rating for this purpose. - The customs declaration form C88 must be completed at the port when importing goods from outside the EU.
- The tax point is important because it determines the VAT return on which the sale will be reported.
- The EC Sales List is usually submitted quarterly within 14 days of the quarter end.
The aim of this student article is to explain in simple terms the way VAT operates on goods being sold to overseas customers and purchased from overseas...
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