Business, tax and funding
VAT
Abbreviation for value added tax
In short and in plain language
VAT stands for value added tax. It is the tax on the sale of goods and services.
In prices and on bills it often shows up as a note. One example is plus value added tax.
Whether it applies and at what rate depends on the case. One example is the scheme for small firms.
Definition
VAT stands for value added tax, the tax charged on the sale of goods and services. In prices and on invoices it often appears as a note such as plus VAT. Whether and at what rate it applies depends on the individual case, for example on the small business scheme.