A sale must be assessed using its facts. Standard-rated, zero-rated, exempt and outside-scope transactions have different consequences. The contractual description is only the starting point: identify what is supplied, by whom, to whom and where.
Practical review checklist
- Retain the signed contract and delivery evidence.
- Review bundled goods and services before choosing a tax code.
- Document the reason for exemptions or zero-rating.
Check the rules for your transaction
Use the current official FTA guidance and legislation and VAT public clarifications. This introductory guide does not cover every exception. Confirm the requirements for your business and the period concerned.
Need help reviewing your records?
Explore BWMC VAT consultancy or contact the team with the transaction type, reporting period and issue you need to resolve.