zero rated vat and exempt

System
System Posts: 100,534 🤖 Admin 🤖
edited 10:31AM in AAT student discussion
Help please i'm a little confused with zero rated VAT and exenpt VAT. our tutor told us it had something to do with things essencial to life but i can't figure out which one, I know that 5% is for heating or fuel and I know about standard but i can't think which is which in zero and exempt, they both mean the same to me or am i just thick!
Thanks if you can help it would be very nice

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:zero rated vat and exempt

    Hi

    Try having a look at the Revenue and Customs website http://www.hmrc.gov.uk

    Zero rated and exempt is also affected by the registration status of the supplier.

    Neil

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