VAT CALCULATOR NEW YORK

 

VAT CALCULATOR

<->In the United Kingdom, the value added tax (or value added tax,  VAT )was introduced in 1973, superseding the 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 of 1994.<->

<->VAT from tax may be levied on most goods and services provided by the UK registered businesses and some goods and services imported from outside the UK.<-> The default VAT rate is the standard rate, 20% as of 4 January 2011.< -> Some goods and services are subject to VAT at a reduced rate of 5% (such as domestic fuel) or 0% (such as most children's food and clothing).<-> Others are exempt from VAT or are out of the system altogether. <->

<->VAT that can be taxed indirectly because the tax will be paid to the government by the seller of the company and not by the person who ultimately bears the economic burden of the tax (the consumer).<-> Opponents of VAT claim it is a regressive tax because the poorest people spend a higher proportion of their income on VAT than the richest people.<-> Those who support VAT claim it is progressive because consumers who spend more pay more VAT.<->

~Between October to March 1940 and March 1973 the UK had a consumption tax called the Purchase Tax, which was levied at different rates depending on the luxury of the good. ~Purchase Tax applied to wholesale prices, introduced during World War II, initially at a rate of. ~This doubled in April 1942 to, and further increased in April 1943 to the 100% level, before returning in April 1946 to be again. ~Unlike VAT, Purchase Tax is applied at the place of production and distribution, not at the point of sale. ~Purchase tax rates in early 1973, when VAT was applied, were 13, 22, 36, and 55%.~

~On 1 January 1973 the UK joined the European Economic Community and as a consequence, the Purchase Tax was replaced by a Value Added Tax on 1 April 1973. ~Conservative Chancellor Lord Barber imposes a single VAT rate (10%) on most goods and services.~

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