VAT in the UK Explained for Beginners | VAT Rates 20%, 5%, 0% | Input & Output VAT, Double Entry

Learn everything you need to know about Value Added Tax (VAT) in the UK — perfect for beginners, business owners, and accounting students!

In this full lecture, we explain how VAT works, including:
✅ What is VAT and who needs to register
✅ VAT registration threshold (£90,000 turnover)
✅ Output VAT (sales) vs Input VAT (purchases)
✅ Double entry for VAT transactions
✅ How VAT appears in the Sales & Purchases Day Books
✅ How to calculate VAT payable or reclaimable
✅ Making Tax Digital (MTD) for VAT
✅ Understanding VAT rates — 20%, 5%, and 0%
✅ Exempt and outside-the-scope supplies

By the end of this session, you’ll understand exactly how to record, calculate, and report VAT to HMRC using practical examples.

VAT rates: Standard, Reduced, Zero, Exempt, and Outside Scope
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Видео VAT in the UK Explained for Beginners | VAT Rates 20%, 5%, 0% | Input & Output VAT, Double Entry канала SkillUp Smart