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In the United Kingdom, the value added tax (VAT) [1] was introduced in 1973, replacing Purchase Tax, and is the third-largest source of government revenue, after income tax and National Insurance. It is administered and collected by HM Revenue and Customs , primarily through the Value Added Tax Act 1994 .
The Value Added Tax Act 1994 was enacted on 30 November 1994, and came into force on 1 January 1995. It replaced the earlier VAT legislation in the UK, which had been in place since 1973. The introduction of the Value Added Tax Act 1994 was necessary to implement the European Union's VAT system in the UK.
In the United Kingdom, taxation may involve payments to at least three different levels of government: central government (HM Revenue and Customs), devolved governments and local government. Central government revenues come primarily from income tax , National Insurance contributions, value added tax , corporation tax and fuel duty .
His Majesty's Revenue and Customs (commonly HM Revenue and Customs, or HMRC) [4] [5] is a non-ministerial department of the UK Government responsible for the collection of taxes, the payment of some forms of state support, the administration of other regulatory regimes including the national minimum wage and the issuance of national insurance numbers.
parents who earn over £50,000 and need to repay Child benefit#United Kingdom; The standard form in use is the SA100, complete with additional sheets for particular sources of income. A short tax return, form SA200, is available for those with incomes below £30,000. HMRC selects those who can complete a SA200. The tax year runs from 6 April to ...
For this reason, a VAT is neutral with respect to the number of passages that there are between the producer and the final consumer. A VAT is an indirect tax, in that the tax is collected from someone other than the person who actually bears the cost of the tax (namely the seller rather than the consumer). To avoid double taxation on final ...
The pub chain said it will have to increase the price of its meals when a recent reduction in the VAT on its food is phased out. Wetherspoons slams Government over ‘Monty Python’ VAT rules ...
The United Kingdom introduced VAT in 1973 after joining the EEC. [3] The current standard rate for VAT in the United Kingdom since 2011 is 20%. Some goods and services have a reduced rate of 5% or are zero-rated (0%). [95] Others may be exempt.