VAT Notice 700/1

VAT Notice 700/1 provides guidance to businesses on how to properly account for Value Added Tax (VAT) when buying and selling goods and services. It explains who needs to register for VAT, how to charge it on invoices, and how to reclaim VAT paid on business expenses. The notice clarifies the rules for different types of transactions, including supplies of goods, services, and imports. Its purpose is to ensure accurate VAT reporting and compliance with tax regulations, helping businesses understand their VAT obligations and avoid penalties.