VAT Flashcards
1
Q
What are the 3 rates of VAT and at what rate are they charged at?
A
(1) Standard rate - 20%
(2) Zero-rated - 0%
(3) Exempt supplies - 0%
2
Q
What does a ‘Zero-rated’ supply mean?
A
Can be taxed but charged at 0%
3
Q
A
4
Q
A
