In this short video, Iain Johnston, VAT Specialist at Martin Aitken & Co, provides an introduction to the different VAT rates: standard (20%), reduced rate (5%) and zero-rated (0%) and where they apply.
What's covered in this video?
- The different rates of VAT: 20% (standard); reduced rate (5%); and, zero-rated (0%).
- Applying the right rate to ensure the correct VAT treatment.
- Examples of overpayment of VAT.
- The importance of reviewing your purchase ledger on a regular basis.