Business Terms and Jargon Explained

What is Input Tax

This is the VAT that was charged on input items to the business. i.e., raw materials, goods and services. If the business is VAT registered it can claim back this VAT and/or contra it against the VAT it charges and collect for HMRC on goods and services it sells.

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Term created / updated 2011-05-14 13:56:56

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