What is VAT � A Comprehensive Guide for UK Businesses

Goforma26 Jan, 2024Finance

Value Added Tax (VAT) is a consumption tax imposed on goods and services at each stage of the production and distribution chain. It?s ultimately borne by the final consumer but collected at each stage of the supply chain. In simpler terms, it?s a tax on the value added to a product or service at every step of its production and distribution.