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VAT is not paid by companies! I run a VAT registered business… I discount all the VAT I pay my suppliers against the VAT I charge my customers, and send the ba
by youngtaff 7y ago
VAT is not paid by companies!
I run a VAT registered business… I discount all the VAT I pay my suppliers against the VAT I charge my customers, and send the balance to HMRC
Every VAT registered company does the same - non VAT registered businesses and individuals pay VAT
- hartator 7y agoYou pay VAT between the difference VAT incomes and VAT expenses. Exactly like tax on profits. It’s just at another accounting level. The distinction is arbitrary.