Value Added Tax (VAT) is a tax on consumption levied in the United Kingdom by the National Government. It was introduced in 1973 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 1994. VAT …
Financial statements are prepared according to agreed-upon guidelines. In order to understand these guidelines, it helps to understand the objectives of financial reporting. The objectives of financial reporting, as discussed in the Financial Accounting Standards Board (FASB) Statement of Financial Accounting Concepts No. 1, are to provide information that In order to prepare financial statements, …
There are two new directives, first for the fast reaction mechanism aimed towards preventing VAT fraud. The second one is for the optional and temporary application of the reverse charge mechanism in relation to supplies of certain goods and services. Quick Reaction mechanism provides the legal basis to the countries that are members of the …
