VAT

1. disadvantages

2. essential items

2.1. pringles

2.2. jaffa cakes

3. standard 20%

3.1. inclusive 1/6

3.2. exclusive x 20%

4. threshold £83,000

5. blocked VAT

5.1. UK entertaining

5.2. New car purchase

5.3. 50% leasing costs

6. Rates

6.1. zero

6.2. exempt

6.2.1. partial exemtion issues?

7. Registration

7.1. voluntary

7.1.1. advantages

7.2. compulsory

8. percentage round up

8.1. identify taxable portion

8.2. identify exempt portion

8.2.1. de-minimus check

9. standard

10. penalties

11. partial exemption

11.1. taxable supplies

11.1.1. Zero

11.1.2. reduced

11.2. total supplies

11.2.1. add exempt