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% Most of the following are not required for the majority
% of cheat sheets but are needed for some symbol support.
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% Document Info
\author{mgxx2004 (mgrawahi)}
\pdfinfo{
  /Title (business-tax-value-added-tax-vat.pdf)
  /Creator (Cheatography)
  /Author (mgxx2004 (mgrawahi))
  /Subject (Business Tax: Value Added Tax (VAT) Cheat Sheet)
}

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\fancyhead[L]{
\noindent
\begin{multicols}{3}
\begin{tabulary}{5.8cm}{C}
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    \vspace{-7pt}
    {\parbox{\dimexpr\textwidth-2\fboxsep\relax}{\noindent
        \hspace*{-6pt}\includegraphics[width=5.8cm]{/web/www.cheatography.com/public/images/cheatography_logo.pdf}}
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\begin{tabulary}{11cm}{L}
    \vspace{-2pt}\large{\bf{\textcolor{DarkBackground}{\textrm{Business Tax: Value Added Tax (VAT) Cheat Sheet}}}} \\
    \normalsize{by \textcolor{DarkBackground}{mgxx2004 (mgrawahi)} via \textcolor{DarkBackground}{\uline{cheatography.com/197440/cs/45420/}}}
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\fancyfoot[L]{ \footnotesize
\noindent
\begin{multicols}{3}
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  \mymulticolumn{2}{p{5.377cm}}{\bf\textcolor{white}{Cheatographer}}  \\
  \vspace{-2pt}mgxx2004 (mgrawahi) \\
  \uline{cheatography.com/mgrawahi} \\
  \end{tabulary}
\vfill
\columnbreak
\begin{tabulary}{5.8cm}{L}
  \SetRowColor{FootBackground}
  \mymulticolumn{1}{p{5.377cm}}{\bf\textcolor{white}{Cheat Sheet}}  \\
   \vspace{-2pt}Published 11th January, 2025.\\
   Updated 11th January, 2025.\\
   Page {\thepage} of \pageref{LastPage}.
\end{tabulary}
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  \vspace{-5pt}
  %\includegraphics[width=48px,height=48px]{dave.jpeg}
  Measure your website readability!\\
  www.readability-score.com
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\end{multicols}}




\begin{document}
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% Set font size to small. Switch to any value
% from this page to resize cheat sheet text:
% www.emerson.emory.edu/services/latex/latex_169.html
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\begin{multicols*}{3}

\begin{tabularx}{5.377cm}{p{0.4977 cm} p{0.4977 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{What is VAT?}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Indirect tax on consumer spending, charged on most goods and services supplied within the UK, borne by the final customer, collected by businesses on behalf of HMRC.} \tn 
% Row Count 4 (+ 4)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{2.4885 cm} x{2.4885 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{VAT Rates}}  \tn
% Row 0
\SetRowColor{LightBackground}
\{\{ac\}\}{\bf{VAT Type}} & \{\{ac\}\}{\bf{VAT Rate}} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\{\{ac\}\}Standard & \{\{ac\}\}{\bf{20 \%}} \tn 
% Row Count 2 (+ 1)
% Row 2
\SetRowColor{LightBackground}
\{\{ac\}\}Reduced & \{\{ac\}\}{\bf{5 \%}} \tn 
% Row Count 3 (+ 1)
% Row 3
\SetRowColor{white}
\{\{ac\}\}Zero & \{\{ac\}\}{\bf{0 \%}} \tn 
% Row Count 4 (+ 1)
% Row 4
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\{\{ac\}\}Exempt & \{\{ac\}\}- \tn 
% Row Count 5 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{1.19002 cm} p{0.64078 cm} x{2.7462 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{3}{x{5.377cm}}{\bf\textcolor{white}{Reduced and Zero Rate Supplies}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{3}{x{5.377cm}}{\{\{ac\}\}{\bf{VAT Rates in the UK}}} \tn 
% Row Count 1 (+ 1)
% Row 1
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{\bf{Standard Rate}} & \{\{ac\}\}20\% & (20/120 of gross price). \tn 
% Row Count 3 (+ 2)
% Row 2
\SetRowColor{LightBackground}
{\bf{Reduced Rate}} & \{\{ac\}\}5\% & Applies to domestic/charity fuel/power, children's car seats, and certain residential improvements. \tn 
% Row Count 8 (+ 5)
% Row 3
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{\bf{Zero Rate}} & \{\{ac\}\}0\% & Covers basic food (excl. luxury/catering), water/sewerage, books/newspapers, children's clothing/footwear, and protective boots/helmets. \tn 
% Row Count 14 (+ 6)
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\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{2.4885 cm} x{2.4885 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Calculating VAT (including Discounts)}}  \tn
% Row 0
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\mymulticolumn{2}{x{5.377cm}}{VAT is calculated as a percentage of the net price (before VAT).} \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
{\bf{Own Use/Gifts:}} & VAT based on recipient's price for identical item. \tn 
% Row Count 5 (+ 3)
% Row 2
\SetRowColor{LightBackground}
{\bf{Temporary Use}} & VAT calculated on depreciation value during the usage period. \tn 
% Row Count 9 (+ 4)
% Row 3
\SetRowColor{white}
{\bf{Supplies to Connected Persons Below Market Value:}} & VAT is based on market value, not the reduced price. \tn 
% Row Count 12 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{p{0.4977 cm} p{0.4977 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Basic Tax Principle}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Tax should be charged at each stage of production and distribution, but borne by the final customer of the product.} \tn 
% Row Count 3 (+ 3)
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\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{2.28942 cm} x{2.68758 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{VAT Supplies}}  \tn
% Row 0
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{\bf{Supply of Goods (VAT Purposes)}} & Requires ownership transfer + consideration. Includes business asset gifts (excl. samples/£50 gifts) and private use of goods. \tn 
% Row Count 7 (+ 7)
% Row 1
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\mymulticolumn{2}{x{5.377cm}}{} \tn 
% Row Count 7 (+ 0)
% Row 2
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{\bf{Supplies of Services}} & Non-goods supply for consideration. Includes hiring goods, business use of reclaimed input tax goods/services. Excludes gift services and private car use. \tn 
% Row Count 15 (+ 8)
% Row 3
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{} \tn 
% Row Count 15 (+ 0)
% Row 4
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{\bf{Self Supply}} & Taxable person supplies goods/services to themselves (e.g., manufacturer using own product). Input tax not reclaimable. \tn 
% Row Count 21 (+ 6)
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\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{p{0.4977 cm} p{0.4977 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{The Effects of Discounts}}  \tn
% Row 0
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\mymulticolumn{2}{x{5.377cm}}{VAT is calculated on the actual amount paid after discounts. If a discount is applied at the time of payment, VAT is reduced accordingly, ensuring it is only paid on the discounted price.} \tn 
% Row Count 4 (+ 4)
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\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{p{0.4977 cm} p{0.4977 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Legal Requirements}}  \tn
% Row 0
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\mymulticolumn{2}{x{5.377cm}}{\{\{ac\}\}{\bf{VAT Record-Keeping}}} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{All VAT records must be retained for 6 years (electronic or physical). Required records include:} \tn 
% Row Count 3 (+ 2)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{• Business/accounting records.} \tn 
% Row Count 4 (+ 1)
% Row 3
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{• VAT account.} \tn 
% Row Count 5 (+ 1)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{• Copies of tax invoices issued/received .} \tn 
% Row Count 6 (+ 1)
% Row 5
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{• Import/export documents.} \tn 
% Row Count 7 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{1.34379 cm} x{3.63321 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{What tax is paid to the government?}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{Net input and output tax is paid to the government (HMRC).} \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{} \tn 
% Row Count 2 (+ 0)
% Row 2
\SetRowColor{LightBackground}
Gross Amount  = & Net Amount + VAT \tn 
% Row Count 4 (+ 2)
% Row 3
\SetRowColor{white}
 & • {\emph{*'Gross'}} amount is the value of the invoice including VAT.* \tn 
% Row Count 7 (+ 3)
% Row 4
\SetRowColor{LightBackground}
 & • {\emph{*'Net' amount is the value of the invoice before adding VAT.}} \tn 
% Row Count 10 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
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\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{2.33919 cm} x{2.63781 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Exempt Supplies (not in VAT)}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{VAT-free goods/services include:}} & Building sales/leases (excl. new), insurance, financial services, Royal Mail, betting, health, burial, non-profit sports, charity fundraising, education, cultural services, unrecoverable input VAT supplies, investment gold, and cost-sharing services. \tn 
% Row Count 12 (+ 12)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{1.94103 cm} x{3.03597 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{VAT on Bad Debt}}  \tn
% Row 0
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\{\{ac\}\}{\bf{VAT on Bad Debts}} & • Cash Accounting: VAT recorded on payment. \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
 & • Accrual Accounting: VAT recorded before payment; risk if unpaid. \tn 
% Row Count 5 (+ 3)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{5.377cm}}{} \tn 
% Row Count 5 (+ 0)
% Row 3
\SetRowColor{white}
{\bf{Claim VAT if:}} & • VAT paid to HMRC. \tn 
% Row Count 7 (+ 2)
% Row 4
\SetRowColor{LightBackground}
 & • Debt written off. \tn 
% Row Count 8 (+ 1)
% Row 5
\SetRowColor{white}
 & • 6 months overdue. \tn 
% Row Count 9 (+ 1)
% Row 6
\SetRowColor{LightBackground}
 & • Claim within 4 years, 6 months. \tn 
% Row Count 11 (+ 2)
% Row 7
\SetRowColor{white}
\mymulticolumn{2}{x{5.377cm}}{If unpaid to the supplier within 6 months, repay input VAT to HMRC.} \tn 
% Row Count 13 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}


% That's all folks
\end{multicols*}

\end{document}