Hi Guys (& Gals)
I have moved recently from Zimbabwe and have started a company here. It is now registered for VAT. The question is, is there any list on VAT Rates and what is exempt from VAT. Or is it 14% for everything?
Cheers
Dave
Hi Guys (& Gals)
I have moved recently from Zimbabwe and have started a company here. It is now registered for VAT. The question is, is there any list on VAT Rates and what is exempt from VAT. Or is it 14% for everything?
Cheers
Dave
Hi Dave,
The best place to start is by reading through the VAT 404 guide. Certain items are exempt, others are zero rated, and the rest is at 14%. The guide has a whole lot of info that you need to be aware of, from what a proper tax invoice should have on it, through to info about zero rated and exempt supplies.
There are quite a few requirements for zero rated and exempt supplies, so you'll also need to read through the relevant interpretation notes.
As Duncan says, you'll need to read the quide.
It struck me that the question might not be as simple to answer as it looks. It's not just output VAT you've got to think about - it's claimable input VAT too.
Rate wise, you're either using 14% or 0%. When generating invoices, there are some things that are not taxable supplies, eg. fuel, interest and some basic foodstuffs, but you need to charge VAT on pretty much everything else.
On claiming input VAT things can get a little more complex.
Dave, what line of business are you in? That would help narrow things down a bit.
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