VAT - VAT Return

Question 1

What is output VAT?

Answer 1

Sales - VAT that is collected by the business and paid over to HMRC

Question 2

What is input VAT?

Answer 2

Purchases -

Question 3

What type of VAT can (usually) be reclaimed from HMRC?

Answer 3

input VAT can be reclaimed

Question 4

What is the equation to figure out how much VAT is paid to/received from HMRC?

Answer 4

Output VAT - Input VAT
(sales - purchases)