Practical Law UK Glossary 8-107-6716 (Approx. 4 pages)
Glossary
Input tax
A taxable person must charge value added tax (VAT) on taxable supplies of goods and services that it makes. Where a taxable person has itself suffered VAT on goods or services that it has received, it will be able to recover that VAT (as input tax) from HM Revenue & Customs provided that the VAT is attributable to a taxable supply that it has made (or will make) and it holds appropriate evidence of this (section 24, Value Added Tax Act 1994 (VATA 1994).)