Practical Law UK Glossary 3-107-6950 (Approx. 3 pages)
Glossary
Output tax
The value added tax that a taxable person must charge on standard rated supplies (and other taxable supplies) that it makes to customers in the course or furtherance of its business. The taxable person must account to HM Revenue & Customs (HMRC) for output tax at the end of the period of account in which the supply was made, whether the supplier has received payment or not. Generally, taxable persons may deduct an amount equal to the VAT on supplies to them (input tax) from the output tax and account only for the difference to HMRC.