The VAT Act 1994

The VAT Act 1994 is the law governing Value Added Tax (VAT) in the UK. It requires businesses to charge VAT on most goods and services they sell, and to pay this VAT to HM Revenue & Customs (HMRC). The law also outlines rules for registering for VAT, keeping records, and submitting VAT returns. Essentially, it ensures that VAT is collected fairly and transparently, helps fund public services, and provides a framework for businesses to comply with VAT regulations.