2.1 Value added tax (VAT)

VAT is very complicated and rather than try to explain it in detail here we wanted to make you aware that it is something to consider. You may well feel it is worth obtaining professional advice in this area to avoid mistakes. There is a lot of guidance available at the HMRC website [Tip: hold Ctrl and click a link to open it in a new tab. (Hide tip)] .

Figure 4  Value added tax calculator

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The image shows a graphic of a person standing by a large calculator. On the top are the words ‘Value Added Tax VAT’.

Figure 4  Value added tax calculator