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VAT

General information on VAT

The Value Added Tax (VAT) is a tax form we pay when buying certain products or services within the European Union, including of course the United Kingdom.

It is important to know that certain products and services are exempt from VAT or completely eliminated from the UK VAT provisions. In case of these, VAT should not be added, and they are not required to be included in the VAT declaration.

When should you register for VAT?

VAT declaration normally should be submitted within 3 months after the registration, regardless of the company\'s income or costs.

Current VAT values:

Standard 

20 %

Reduced

5 %

Zero

0 %

VAT calculation

Important!

The following calculations can only be applied in case of the current 20% VAT.

Our company assumes no responsibility for damages or errors resulting from using these calculations.


Example:

Net value 

VAT value

£120

£24

 

VAT rate 

Gross value

20%

£144

 

Calculating gross value:

Net value * 1.20 = gross value

Example: 120 * 1.20 = 144


VAT value calculation:

Gross value * 1 / 6 = VAT value

Example: 144 * 1 / 6 = 24


Net value calculation:

Calculation 1 - from VAT value:

VAT value * 100 / 20 = net value

Example: 24 * 100 / 20 = 120


Calculation 2 - from gross value:

Gross value / 1.20 = net value

Example: 144 / 1.20 = 120

 

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