VAT: business (economic activity) | Practical Law

VAT: business (economic activity) | Practical Law

A practice note on the meaning of carrying on a business (and the EU equivalent, economic activity) for VAT purposes. The concept of business is central to an understanding of the VAT system as it determines, for example, whether a trader is required to register for VAT, charge VAT (on goods and services they supply) and recover VAT (in respect of goods and services they purchase).

VAT: business (economic activity)

Practical Law UK Practice Note w-024-2243 (Approx. 26 pages)

VAT: business (economic activity)

MaintainedUnited Kingdom
A practice note on the meaning of carrying on a business (and the EU equivalent, economic activity) for VAT purposes. The concept of business is central to an understanding of the VAT system as it determines, for example, whether a trader is required to register for VAT, charge VAT (on goods and services they supply) and recover VAT (in respect of goods and services they purchase).