A–Z of commonly used VAT terms

Produced by a Tolley Value Added Tax expert

Value Added Tax

Guidance

The table below provides an A–Z list of commonly used VAT terms:

VAT term	Description
Acquisition tax	Businesses that are registered for VAT in the UK must account for acquisition tax on goods bought from VAT-registered suppliers in the EU if the goods are moved from the EU to Northern Ireland. See the Northern Ireland ― overview guidance note
Anti-avoidance	Anti-avoidance legislation is intended to address or prevent unfair VAT planning arrangements. See the Disclosure of tax avoidance schemes for VAT and other indirect taxes (DASVOIT) ― introduction guidance note
Assessments	HMRC can issue an assessment if a VAT return is not submitted on time or if HMRC decides that there is an error in a VAT return. See the Assessments guidance note
Avoidance	Avoidance

Access this article and thousands of others like it
free for 7 days with a trial of TolleyGuidance.

TAKE A FREE TRIAL

Popular Articles

Corporation Tax

What are connected companies for loan relationship purposes ― practical approach

What are connected companies for loan relationship purposes ― practical approachBrief overview of the rulesThe loan relationships legislation applies to any ‘money debt’ arising from the lending of money entered into by a company, either as a lender or borrower. The rules are contained in CTA 2009,

20 Apr 2021 16:00 | Produced by Tolley Read more

Trusts and Inheritance Tax

Winding up a trust ― legal, administrative and compliance issues

Winding up a trust ― legal, administrative and compliance issuesOverviewWhen winding up a trust, there are legal formalities and compliance issues that need to be dealt with, as well as IHT and CGT consequences that flow from the termination. This guidance note considers when and how a trust comes

14 Jul 2020 14:01 | Produced by Tolley Read more

Corporation Tax

Overseas property businesses for companies

Overseas property businesses for companiesOverviewReal estate income is generally taxed where the property is located; the UK tax treaties generally allow the jurisdiction where the land is located to tax income from the land.Therefore, a UK company with overseas property may be subject to tax in

14 Jul 2020 12:22 | Produced by Tolley in association with Rob Durrant-Walker of Crane Dale Tax Read more

UU��ֱ��