09/02/2021 by Beki Wallace AATQB MIAB 0 Comments
ZERO RATED GOODS
Taxable products with a rate of 0% VAT.
This means it is included within the VAT Returns but no VAT is chargeable.
Often used to reflect items of necessity.
Below are some common examples of zero rated goods.
* Food items
* Sanitary products
* Children clothing
* Animal feed
* Prescription & medical equipment
* Water and more.
Goods that are zero rated are likely less expensive to purchase.
Zero rated goods are different to goods that are exempt.
Getting it wrong can be a costly mistake.
If unsure of how to manage and file VAT Returns, reach out: