What is VAT and how does it work?

[Borchester]

It is a nice idea, but I think it says more about the government's charming naivety than its grasps of reality.

I have just the builders round. They gave an estimate and I asked for 20% off because I was paying in cash which is tax free. They protested and said that they were honest taxpayers where upon I said fine, I will make a bank transfer and they could pay the VAT as well.

We settled on 15%

When the kerfuffle over this flu nonsense is over we hope to take a few days break in the Vale of Glamorgan, a tranquil spot that knows nothing about sorrow or the tax man.

I don't know how the Peking Pox is going to be paid for, but I don't have much faith in the government's money management schemes

[Good old]

 

A return to purchase tax maybe? As long as it's our tax.

[johnofgwent]

Here's a better question

Why the F@@@ are we retaining a european union invented tax ?

(If I recall correctly, Dominic Raab promised in his Tory Party Leadership Bid Mandate to abolish it)

[GBNews]

What is VAT and how does it work?

Rishi Sunak is cutting VAT on hospitality and tourism, but how does the tax work?

Source: What is VAT and how does it work?