Value Added Tax (VAT)
A tax charged on many goods and services, collected by VAT-registered businesses and paid to HMRC after allowable deductions.
Also known as: VAT
Related terms
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HMRC business debt
Tax or other amounts owed by a business to HMRC, such as VAT, PAYE, CIS deductions or Corporation Tax.
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Income Tax
Tax charged on taxable income received by individuals and certain other taxpayers in the UK.
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Corporation Tax
Tax charged on the taxable profits of companies and certain organisations in the UK.
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