This guidance note provides information about the main VAT rates. For information about:
the flat rate scheme for small businesses, see the Flat rate scheme (FRS) ― overview guidance note
the agricultural flat rate scheme, which is an alternative to VAT registration for farmers, see the Agricultural flat rate scheme (AFRS) ― overview guidance note
The UK VAT legislation requires VAT to be charged on all supplies made in the UK by taxable persons in the course
Reverse charge ― buying in services from outside the UKThis guidance note covers the reverse charge that applies to services that have been bought in from outside the UK. For an overview of VAT and international services more broadly, see the International services ― overview guidance note. For
Corporate interest restriction ― administrative aspectsThe corporate interest restriction (CIR) regime has some specific administrative rules in addition to the general administrative requirements for corporation tax returns. This guidance note does not include commentary on provisions that are
Temporary differencesCalculation of temporary differencesThe temporary difference arising in respect of an asset or liability is calculated by comparing the carrying value of that asset or liability with its tax base.IAS 12 uses the concept of taxable or deductible temporary differences. Whether a