vat registration

VAT is a tax paid by consumers but it is collected by businesses on behalf of HM Revenue and Customers. Businesses who makes taxable supplies collect the tax from their customers. The VAT charged on sales or taxable supplies is known as output VAT. Those businesses (taxable persons) have to assess the amount of tax payable on goods and services provided ( output tax). They put it over on a regular basis to HMRC. VAT on purchases or expenses in known as input TAX. As the businesses themselves a